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Proost Beer, based in Delhi, has completed its pre-Series A investment round, raising INR 25 crore ($3 million) in equity and debt. Existing and new investors include Chimes Group, Dev Punj, The Chennai Angels, Finvolve, India Accelerator, Hyderabad Angels, Mumbai Angels, Angel List India, and Agiliti Venture.
Previously, Proost69 raised Rs 8.5 crore in equity and loans from Mumbai Angels, Hyderabad Angels, Speed Fund, GetVantage, Finnvolve, and others.
According to a press release, the new funds will be used to expand Proost69.
Proost Beer is an Indian beer company that was founded in 2017 by Vijay P. Sharma and Tarun Bhargwa. The company is known for its high-quality beers with smooth and distinctive flavors. Proost Beer sources its raw materials from both local and international suppliers.
Proost69 has a strong presence in Delhi, Goa, Punjab, Chandigarh, and Uttar Pradesh and claims to sell 9 units of beer every minute. It anticipates achieving 300% growth in the current financial year (FY23–24).
Maka Di, Arbor Brewing Company, Kati Patang, Witlinger, Bira 91, Simba, and other Goan-based breweries compete with the company.