Beer brand Coolberg raises $3.5 million in Series A round
What's the story
Coolberg, a Mumbai-based beverage start-up that offers flavored non-alcoholic beers, has raised $3.5 million in Series A round of funding.
The investment is led by RB Investments (Singapore-based family office) along with the existing investor India Quotient.
Apart from that, Ashish Goenka, chairman of Suashish Diamonds Ltd., and a bunch of investors from the Indian Angel Network (IAN) also participated in the round.
Coolberg
Coolberg offers non-alcoholic beers in a range of flavors
Coolberg was started in 2016 by Pankaj Aswani and Yashika Keswani to offer premium beverages to those who do not consume alcohol due to religious and cultural beliefs or health choices.
The company offers malt-based non-alcoholic beers in a variety of flavors such as ginger, mint, peach, and strawberry, which you can enjoy during casual meetings, parties, hangouts, etc.
Quote
We're keeping close eye on consumer wants, says Coolberg co-founder
"The Indian beverage market is witnessing an interesting transformation with an increased demand for new flavors. All our variants are unique, refreshing, and new to the market. Our R&D team is strong and keeps a close eye on consumer needs," said Yashika, co-founder of Coolberg.
Future plans
Coolberg to use the funds to expand its delivery network
Notably, Coolberg will deploy fresh funds to enhance its brand awareness by investing more in marketing, and will strengthen its distributor network.
At present, the company operates 12,000 outlets and has a presence across all major cities in India.
Besides traditional trade channels like restaurants, bars, and supermarkets, you can also find Coolberg drinks at colleges, offices, airports, etc.
Information
Meanwhile, here's a look at the previous investments in Coolberg
Now, this latest fund-raise is the second investment for Coolberg. Prior to this, the Mumbai-based company had received an undisclosed amount in a seed round from venture capital firm India Quotient (they have also invested in the latest round) and IAN's maiden fund in 2018.