Proost, a homegrown beer startup, has raised ₹30 crore in its ongoing Series-A funding round led by Chimes Group and Srinivasan Namala (CEO of PORUS Laboratories). The round also saw participation from Hyderabad Angels, The Chennai Angels and other marquee HNI’s.
The capital raised will be used to strengthen its supply side, scale its operations into new markets, enhance its product portfolio, and brand-building activities.
Proost had previously raised ₹25 crore in its pre-Series A funding round, which was a mix of equity and debt in October 2023.
Tarun Bhargava, Co-Founder & CEO of Proost, said, “We are thrilled to announce this new round of funding, which represents a significant step forward in Proost’s journey. With these funds, we will focus on expanding into strengthening our production capacity, expanding into a few new markets while also ensuring that we go deeper into our existing ones on the back of brand building. This is Tranche-1 of our ongoing Series A round and it’s great to see 90% of the round size being mopped by our existing investors. Our commitment to delivering value to our stakeholders remains unwavering, and this investment brings us closer to our goal of capturing a substantial share of the Indian beer market by the end of the decade.”
An investor representing the Chimes Group said, “Proost’s growth trajectory and its strong market presence reflect the team’s dedication and understanding of the Indian consumer. We are excited to partner with them again and contribute to their mission of reshaping the beer industry with high-quality, innovative products.”
Founded in 2017 by Tarun Bhargava and Vijay P. Sharma, the Delhi-based beer brewing firm operates under the umbrella of Grano69 Beverages. Proost is known for its premium-quality, low-bitter beers has made its mark in the beer industry with 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.
