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Grano69 Beverages Pvt Ltd raises USD 360,000 in its seed round of funding

Thursday, December 16, 2021, 15:28 Hrs  [IST]
HBI Staff | Hyderabad

Gurugram: Grano69 Beverages Pvt Ltd, launched with the mission to acquaint Indian consumers with the authentic taste of freshly brewed quality beer(s). The brand has raised an investment equivalent to USD 360,000 ($ 0.36 Million) from Dev Punj of Chimes Group and Dauble Pvt Ltd (Singapore) in its seed round of funding.
 
PROOST, the company's brand, is the brainchild of Mr. Vijay P. Sharma (59) and Mr. Tarun Bhargava (28), the two visionary founders who established Grano69 Beverages Pvt. Ltd. in October 2017. The aim was clear; to create products for the enjoyment of the Indian consumer and become the preferred brand by constantly pursuing perfection.
 
The objective of the fundraise is to utilize the funds for the company to grow sustainably, launch new products, and increase production capacity. 
 
“As we advance, the aim is to utilize these funds to expand the company’s production capacity. The funding will give an impetus for the brand to grow and foray into six new domestic markets. Given the planned expansion, Proost will also strengthen the Leadership Team by investing in top talent. Despite initially producing brews in Belgium, Germany and Spain, we have successfully shifted the production of our best-selling variant, Proost Strong, to a domestic facility in Punjab, and there are plans to shift the production of Proost Mild Lager and Proost White Ale to the domestic production facility in the near future” said the founders today. 
 
The Alco-Bev industry has faced several challenges, such as advertising restrictions, coupled with the lack of a single excise policy across the country, making it challenging to steer an Alco-Bev brand. This initial fundraise will allow Proost to plan a 6-state presence over the next year, expanding from only Delhi this year. 

 
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