Mumbai-based Coolberg Beverages Private Limited, non-alcoholic beer maker, has raised an undisclosed amount in seed funding from investment firm India Quotient, along with India Angel Network‘s (IAN’s) maiden fund. The round was led by Sanjay Mehta and Anirudh Agarwal through IAN, along with Madhukar Sinha from India Quotient. The funds raised will be used to expand further in the Indian market.
Coolberg was founded by Pankaj Aswani and Yashika Keswani in 2016. It provides non-alcoholic beers that can be enjoyed by the families and friends during occasions like celebrations, birthdays, casual meetings, etc. It is aimed at the Indian consumers that are not into alcoholic beverages.
The startup is looking to focus on the millennials going to pubs and cafes but does not drink alcohol and options available for these consumers are very limited. Coolberg will leverage this opportunity to establish itself as the go-to drink for non-alcoholic visitors in the pubs and cafes.
Pankaj Aswani, co-founder, Pankaj Aswani, said, “Raising this investment from IQ and IAN Fund will help us in spreading brand awareness along with deeper market penetration. Our aim is to provide our customers a drink that is different from what they’ve been consuming and stuck on for years. Indian customers are more open to new and quality products than ever before.
In just two years, the company has expanded its footprints in over 75 cities across 18 cities in the country. Non-alcoholic beers have just come into the limelight in the recent past, its market size is expected to cross $25 billion by 2024, according to a report.
India Quotient is an early-stage venture capital that invests in disruptive startups focused on Indian consumers. Its portfolio includes startups in various technology domains including big data, AI, blockchain, fintech among others. Some of the innovative startups in its portfolio include Lendingkart, LoanTap, Sharechat, Holachef among many others.
IAN is the leading angel investors network in India. It was founded by Alok Mittal in 2006, with its headquarter in Delhi. It aims to invest in companies focused on e-commerce, agriculture, education, fintech, healthcare, retail, among others. Some of its prominent investments include zippr, Faballey, FarEye, SmartVizX, among others.