Proost secures Rs 30 Cr in ongoing Series A round

Proost, a homegrown beer startup co-founded in 2017 by Tarun Bhargava and Vijay P. Sharma, has raised Rs 30 crore in its ongoing Series-A funding round co-led by Chimes Group and Srinivasan Namala. The round also witnessed participation from Hyderabad Angels, The Chennai Angels, and other HNIs.

The Delhi-based beer brewing firm had previously closed its pre-Series A round after raising Rs 25 crore (approximately $3 million) back in October 2023.

The fresh funds will be utilized to strengthen its supply chain, expand operations into new markets, enhance its product portfolio, and invest in brand-building activities, Proost said in a press release.

Proost is an innovative beer brand that aims to disrupt the Indian beer market. Its beers are known for their premium quality, low bitterness, and high drinkability. The company asserts it sources 99% of its raw materials locally while ensuring a premium, refreshing experience for beer enthusiasts across all its markets.

Proost intends to enhance its product range by introducing newer variants aligned with evolving consumer demands and industry trends. It claims to have a strong presence in retail outlets across Delhi, Punjab, Uttar Pradesh, Kerala, Jharkhand, and Karnataka. The brand is targeting a 5% market share in the Indian beer industry by the end of the decade, backed by innovation, customer-centric product development, and strategic market expansion.

It competes with the likes of Goa-based Maka Di, Arbor Brewing Company, Kati Patang, Witlinger, Bira 91, Simba, et al.