Proost aims to Strengthen its supply while also focusing on going deeper into its existing markets, Expand Product Offerings, and Capture a Significant Market Share
National, 19th November 2024: Proost, a homegrown beer startup founded in 2017 by Tarun Bhargava and Vijay P. Sharma, has successfully raised INR 30 crore in its ongoing Series-A funding round. The investment, led by Chimes Group and Srinivasan Namala, also saw participation from Hyderabad Angels, The Chennai Angels and other marquee HNI’s.
The capital will be utilized to strengthen its supply side, expand Proost’s operations into new markets, enhance its product portfolio, and brand building activities.
Commenting on this achievement, 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.”
The funds will be instrumental in Proost’s expansion into new regions and will bolster its financial foundation. Proost intends to enhance its product range by introducing newer variants aligned with evolving consumer demands and industry trends. Operating under the umbrella of Grano69 Beverages, Proost 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.
An investor representing the Chimes Group expressed confidence in Proost’s vision, stating, “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.”
With this substantial funding, Proost is well-positioned to scale its operations, introduce industry-first innovations, and continue delivering exceptional value to its customers and stakeholders.