New Delhi : Mumbai based startup Coolberg Beverages Private Limited today announced that it has secured an undisclosed amount as seed funding from India Quotient Fund and the Indian Angel Network’s maiden Fund for further expansion. The startup is known for its Non-Alcoholic Beer in a wide range of variants to suit the Indian customer’s palette. Round was led by Sanjay Mehta and Anirudh Agarwal through IAN and Madhukar Sinha from IQ. Anirudh and Madhukar will join the board of Coolberg.
The Indian beverage market is witnessing an interesting transformation. It has come very far from the days when tea was the preferred beverage of the commoners 2and coffee for the urbane ones only. With its unique offerings in the
A sizeable portion of the Indian population doesn’t consume alcohol which allows company to be first in creating its space in the market. With a note of refreshing flavors and unique crafted recipe, Coolberg comes with a great packaging reflecting the modern style. In short span of operations, company has been able to mark its presence across 18 states in more than 75 cities in India.
Startup was conceptualized by Pankaj Aswani and Yashika Keswani with an aim to provide innovative product to enjoy during celebrations, hang-outs, casual meetings, etc. Globally, non-alcoholic beer has been in the limelight in recent past and according to a report, market size is expected to surpass $25 Billion by 2024. One of the Anheuser-Busch InBev goal is to have No- and Lower-Alcohol beers represent 20% of their global beer volumes be 2025.
Talking about the investment, Pankaj Aswani stated, “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.”
As per Madhukar from IQ “Non-alcoholic beer is relatively a white space in the beverage segment in India. While going to pubs and cafes for drinks is a fast catching trend for Indian millennials, the choices for beverage specially for people who do not want alcohol, is very limited. Coolberg has an opportunity to establish itself as the first choice beverage of all such non-alcohol pub and café visitors.”
Describing Coolberg as a company of unique proposition, a visionary team offering a sophisticated alternative to non-alcoholic drinks, Anirudh stated, “Rise in health concerns among consumers, an increase in adoption of a healthy lifestyle and the growth in population of non-drinkers have boosted the demand for non-alcoholic beer. These factors are expected to drive this niche segment forward. It caters to consumers across categories: urban, rural, children and adults. Coolberg has found an untapped niche for itself in the extremely competitive beverages industry. We are excited about this investment and that was evident with the interest it garnered from multiple investors”
Commenting on the venture, Sanjay Mehta said “I always looked for alternatives to sugary mock-tails or fruit punches; Non-alcoholic beverage Coolberg founder Pankaj solves that huge problem with bottled beer. Coolberg is all about creating a millennial focused brand which can be consume anywhere anytime; so for me Coolberg drink is all about celebration while being festive & social. Coolberg has got unprecedented investor interest and deal was oversubscribed in couple of minutes. With brand Coolberg makes suave generation X feel elevated”
The SEBI registered IAN Fund Institutional investors like SIDBI Fund of Funds, India Infoline, Yes Bank, Max Group, Grey Matters Capital, and Hyundai participate in the fundraising, along with retail investors Kris Gopalakrishnan and Kanwal Rekhi. Together, IAN and the IAN Fund (plus co-investors), plans to invest approx. Rs 1,500 Cr in 160 odd companies over the next 4 years, making IAN the largest early stage investing platform, capable of writing cheques from Rs 25 lakhs to Rs. 50 Crore.