Homegrown beer startup Proost lately raised ₹30 crore in the first tranche of its Series-A funding round led by Chimes Group and investor Srinivasan Namala. It also received additional support from Hyderabad Angels, The Chennai Angels and a couple of prominent high-net-worth individuals. The company was founded by Tarun Bhargava and Vijay P. Sharma in 2017. It operates under Grano69 Beverages and is set to disrupt the Indian beer market with locally crafted products. The brand prides itself on being “Made in India” as 99% of its raw materials are sourced domestically.
The fresh funding is a major milestone for Proost as it has plans to expand operations and strengthen foothold in existing markets as well as some new markets. The brand is set to introduce some innovative beer variants to meet changing consumer preferences. Bhargava highlighted that the majority of the new funding has come from their existing investors and this shows the confidence in the company’s vision of capturing a significant share of the Indian beer market by the end of the decade.
Proost has already established a strong presence in states like Delhi, Punjab, Uttar Pradesh, Kerala, Jharkhand and Karnataka. It is ambitious about growing market share to 5% by focusing on innovation and customer-centric development. Investors seem optimistic about its future and representatives from Chimes Group expressed enthusiasm for its journey and understanding Indian consumers.
The Indian beer industry is currently growing rapidly and the approach of Proost to offering high-quality locally made products could position it as a game-changer in the market. The brand seems set for redefining the beer consumption in India by combining innovation, strategic expansion and having a deep connection with its consumer base.
