Proost Beer raises ₹8.5 crore in pre-Series A round

Proost Beer on Thursday said it has raised ₹8.5 crore in a funding round led by Mumbai Angels, Hyderabad Angels, Speed Fund, GetVantage, Finvolve and other angel investors. The proceeds will be deployed to expand its production capacity, expansion, fulfil working capital requirements, hacking growth and strengthen its position in the beer brewery space, Proost Beer said in a press release. Tarun Bhargava, CEO and Co-founder of Proost Beer said, "This funding round comes as a validation from our investors on our business model and will allow us to ramp up our production and expand our reach in the market. With this funding, we expect 300% growth in FY24,” Vijay P Sharma, MD and Co-founder of Proost Beer, said.