Coolberg Beverages Pvt. Ltd, which makes non-alcoholic beer, has raised $3.5 million (about Rs 25 crore at current exchange rate) in a Series A round led by Singapore-based family office RB Investments and existing investor India Quotient.
Other investors in the round include Suashish Diamonds chairman Ashish Goenka and a clutch of investors from the Indian Angel Network (IAN), Mumbai-based Coolberg said in a statement.
Company co-founder Pankaj Aswani said the funds will be used to strengthen the distribution network and increase brand awareness. “Basically, anywhere you find a cola, we want you to be able to find a Coolberg as well,” Aswani said.
India Quotient partner Madhukar Sinha said the firm was happy with Coolberg’s revenue growth as well the perception of the brand in the territories it has a presence in.
Coolberg was founded by Aswani and Yashika Keswani in 2016. The company says it has a distribution network across major cities and the products retail at around 12,000 outlets. Its products are also being sold and served at non-traditional locations such as offices, colleges and airports. Its beer comes in malt, ginger, peach and mint flavours, among others.
In August last year, the beverages maker said it had raised an undisclosed seed amount from venture capital firm India Quotient and Indian Angel Network’s (IAN’s) maiden fund.
Coolberg is among a raft of quick-service foods, beverages and restaurant startups that have raised money in recent months.
For example, last month, whole foods and dairy products startup Credence Whole Foods Pvt. Ltd raised over $1 million (Rs 7.08 crore) from IndoCan Honey Pvt. Ltd, which focuses on premium honey.
In September, United States-based Tiger Global Management led a $23 million (around Rs 163.7 crore) Series B funding round in Wow! Momo Foods Pvt. Ltd at a valuation of Rs 860 crore.