The round was co-led by Chimes Group and Srinavasan Namala, CEO of Porus Laboratories, with additional investments from Hyderabad Angels, The Chennai Angels, and several high-net-worth individuals.
The company plans to use the funds to strengthen its supply chain, expand its product offerings, and grow its brand presence. Founded in 2017 by Vijay P Sharma and Tarun Bhargava, Proost Beer produces a range of beers that are entirely made in India. By 2030, the brand aims to capture a 5% share of the Indian beer market through innovation, customer-focused product development, and market expansion.
Proost Beer competes with established brands like Diageo, United Breweries, and Pernod Ricard India, as well as newer players like Bira91 and White Owl Brewery. Bhargava stated that the funds will help the company increase production capacity, enter new markets, and strengthen its presence in existing ones through brand building.
The Indian beer market has been seeing significant investment recently. In August, Goa-based LB Brewers raised $1.5 million in its pre-Series A funding, and in June, Bira91 secured $25 million from Kirin Holdings. According to reports, India’s beer market, valued at INR 414.7 billion in 2023, is expected to grow to over INR 781 billion by 2032, with an annual growth rate of 7.1%.
