Proost, the Delhi-based craft beer startup founded in 2017 by Tarun Bhargava and Vijay P. Sharma, has secured Rs 30 crore in its ongoing Series A funding round. This round is co-led by Chimes Group and Srinivasan Namala, with additional contributions from Hyderabad Angels, The Chennai Angels, and various high-net-worth individuals (HNIs).
In October 2023, Proost had successfully completed a pre-Series A funding round, raising Rs 25 crore (around $3 million), setting the stage for this significant leap in funding.
The company plans to use the newly raised capital to enhance its supply chain, broaden its reach into additional markets, diversify its product range, and further invest in its branding initiatives, as stated in a press release.
Proost has quickly become known for its innovative approach to beer, offering a premium product with a smooth, low-bitter taste that appeals to beer lovers. The company prides itself on sourcing 99% of its raw materials locally, ensuring a high-quality and refreshing experience for consumers.
The brand aims to expand its portfolio with new beer variants to meet the changing tastes and preferences of the market. Currently, Proost has a strong retail presence across Delhi, Punjab, Uttar Pradesh, Kerala, Jharkhand, and Karnataka, and it is targeting a 5% market share of the Indian beer industry by 2030. The company’s growth strategy is driven by consumer-focused innovation and strategic market expansion.
Proost faces stiff competition from established players such as Maka Di, Arbor Brewing Company, Kati Patang, Witlinger, Bira 91, Simba, and others in the craft beer space.