Delhi-based startup Proost Beer has raised Rs 8.5 crore in a pre-series fundraising round. In addition to its current investors Dauble PTE and Dev Punj, other angel investors taking part in the round were Mumbai Angels, Hyderabad Angels, Speed Fund, GetVantage, and Finnvolve.

The business intends to increase its production capacity, explore new markets, and meet its working capital needs with this most recent financial infusion. The business is confident that it can use these funds to accelerate its growth trajectory and solidify its position as India's top beer brewing firm.

The company's MD and co-founder, Vijay P. Sharma, said, "This most recent investment is part of a bigger fundraising plan and will help us reach more states and increase our manufacturing capacity. We are enthusiastic about the industry's potential for growth, particularly in light of customers' growing readiness to experiment with innovative, high-quality items. With this investment, we hope to increase by 300% during the current fiscal year, FY24.

It is now well-positioned to take advantage of the rising demand for high-quality beer in India thanks to this finance, and the extra money will help it meet its expansion goals. The company's CEO and co-founder, Tarun Bhargava, expressed excitement about expanding the distribution of his beer throughout India.

The business acquires its raw materials from domestic and foreign vendors to maintain the highest standards for its brews. Proost Beer was founded in 2017 and is now sold in more than 1800 retail locations. It claimed to have sold more than 10 million units already. The startup also made an appearance on the Shark Tank India television programme in India.