Proost Beer Shark Tank Pitch:
Proost is a beer brewing company headquartered in Delhi, India, gained notable recognition after its appearance on Shark Tank India. Brand is known for its exceptional quality, low bitterness, affordability, and high drinkability. Founders shared that India’s Beer market is of ₹65,000 crores which is dominated by strong beer. Proost also have Light Beer and Wheat Crafted Beer along with their strong Beer lineup. All their products are made in India. They are available at 1800 retail outlets across India and have sold over 70 lakh units. They sought investment of ₹1 Crore for 0.75% of the company.
Brand was licensed in Delhi, Haryana, Uttar Pradesh, Punjab and Kerala. They started operations in September 2018 and made ₹77 lakhs in first year. In FY19-20, they made 3.21 crore followed by 4.2 crores. They Made ₹7.5 Crores in FY21-22 and hoping to close this year at ₹35 Crores. Their gross margin is at around 22% and they are at net loss after all the cost.
Founders have invested ₹3.5 crores in business so far. They have debt of ₹3.4 Crores from Punjab National Bank which they got in exchange of Vijay’s property. The company also have another 90 lakhs in debt as well. They also have raised investment at ₹2.7 Crores at post money valuation of ₹16.66 Crores in December 2021. This was followed by another investment of ₹15 Crores on valuation of ₹133 Crores.
Proost Beer Shark Tank Negotiations and Funding:
Peyush goes out of the deal because he thinks he couldn’t add any value in this business. Namita goes out mentioning that she is not interested in the Beer business. Anupam goes out citing that the company is not going to benefit much from his investment and some other founder can use his money better. Aman goes out because he thinks growth will be an issue after certain scale. Amit goes out because business was not that interested to him.
Who are the founders of Proost?
Vijay P Sharma & Tarun Bhargava founded Proost. They comes from the family which does not drink. Vijay has background in Engineering and graduated in 1982. He worked internationally in his previous job where he started as trainee and worked is way up to CEO position before leaving that company.
How is Proost Beer doing after Shark Tank India?
Our research in the company revealed that despite not getting a deal on Shark Tank, CNBCTV18 shared that company secured a funding of ₹8.5 Crores which was led by prominent investors including Mumbai Angels, Hyderabad Angels, Speed Fund, GetVantage, Finnvolve, and other prominent angel investors. the company said in a statement that The capital infusion will help Proost Beer expand its production capacity, penetrate new markets, and fulfil its working capital requirements.
As of December 2023, Proost Beer is still in business and growing. Their website suggests that they have narrowed down their focus on capturing Delhi market first and are available across New Delhi through Hotels, Restaurants and Stores.
Source: Proost Instagram
Here are updates on other companies from Season 2 Episode 42
Dr Cubes
Update coming soon!
Metro Ride
Update coming soon!
Conker App
Update coming soon!