Rising demand for functional brews for the health conscious who do not want to compromise on the taste is pushing the non-alcoholic beverage industry across the world. This globally growing accessibility of non-alcoholic beverages is also driving product popularity among customers, leading to growth in consumption.
Non-alcoholic beverage companies are increasingly working towards new innovations and expansion of product reach. In fact, Coolberg, a Mumbai based non-alcoholic beer startup, reportedly announced that it gathered $3.5 million in a Series A investment round. The round was led by Singapore-based boutique venture fund RB Investments and the company’s existing investor India Quotient.
The investment round also witnessed participation of Ashish Goenka, Chairman at Suashish Diamonds Ltd. and several investors from the Indian Angel Network.
Founder of Coolberg Beverages, Pankaj Aswani stated that the company’s primary objective is to establish a supply chain where wherever customers can find cola, they can also find Coolberg beverages.
Aswani further added that raising this capital would help the company to further strengthen its distribution network and boost brand awareness.
Coolberg already boasts of a strong distribution network. The company products are currently available in approximately 12,000 outlets across India including the country’s major cities. Today, Coolberg beverages are not only available across several restaurants, and supermarkets but are also found in colleges, offices, and airports.
COO and Co-founder of Coolberg, Yashika Keswani stated that Indian beverage industry is experiencing an interesting shift where there is a growing demand for new flavors. The variants of company are refreshing, unique and new in the country’s beverage market. Keswani further added that the company’s R&D team is powerful and closely monitors consumer demands.
One of the partners at India Quotient, Madhukar Sinha stated that IQ is thrilled to lead the Series A funding round at Coolberg. The company is impressed with the company’s revenue growth as well as the growing popularity of the brand across the served cities.
Coolberg was innovated by Yashika Keswani and Pankaj Aswani to offer new products to enjoy at hangouts, celebrations, casual meetings, etc. The non-alcoholic beverage brand had previously raised an undisclosed amount in a seed investment round in 2018. Venture capital company India Quotient and IAN (Indian Angel Network) were the initial investors of the company.
Source credit: https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/coolberg-raises-3-5-million-in-series-a-round/articleshow/72037728.cms