Proost and PeLocal Raise Significant Funds to Propel Growth and Innovation The Indian startups listed below have successfully raised capital to drive their growth and expansion plans, marking significant milestones in their respective industries.
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Proost Raises INR 30 Cr in Series-A Funding Round to Fuel Expansion
Proost, a homegrown beer startup founded in 2017 by Tarun Bhargava and Vijay P Sharma, has successfully raised INR 30 crore in its ongoing Series-A funding round.
The round was led by Chimes Group and Srinivasan Namala, with participation from Hyderabad Angels, The Chennai Angels, and several high-net-worth individuals (HNIs).
The Delhi-based brewing company had previously closed its pre-Series-A round in October 2023, raising INR 25 crore (around USD 3 million). This new capital will be pivotal in enhancing Proost's supply chain, expanding its reach into new markets, and bolstering its product portfolio and branding efforts.
Tarun Bhargava, Co-Founder and CEO of Proost, said, "This is a significant milestone for Proost, and with these funds, we'll focus on scaling production, entering new markets, and reinforcing our presence in existing ones," he said. "Our commitment to delivering value to our stakeholders remains strong, and this investment brings us closer to our goal of capturing a substantial share of the Indian beer market by 2030."
Known for its premium-quality, low-bitter beers, Proost prides itself on sourcing 99% of its raw materials locally, offering a refreshing experience to beer enthusiasts. The brand is currently present in Delhi, Punjab, Uttar Pradesh, Kerala, Jharkhand, and Karnataka, aiming for a 5% market share by the end of the decade.
PeLocal Secures USD 2 Mn in Seed Funding to Enhance Payment Solutions
Fintech startup PeLocal, based in Chennai, has raised USD 2 million in a seed funding round led by Unicorn India Ventures.
The startup had previously raised USD 1.06 million in the same round from Future Monk Investments and other investors. The fresh capital will be used to scale its platform and accelerate its go-to-market strategy, aiming for large-scale project rollouts.
PeLocal, founded in 2021 by Vivekanand Tripathi, provides seamless payment solutions within WhatsApp, facilitating digital transactions for clients such as Delhi Metro, Indraprastha Gas, Mahanagar Gas, and insurance providers.
Specialising in transit ticketing, utility payments, and financial services, the platform focuses on delivering secure solutions across both government and private sectors. With its innovative approach, PeLocal aims to empower businesses with customer-centric payment solutions, offering a unique and simple way to process micropayments.
Vivekanand Tripathi, Founder and CEO of PeLocal, expressed excitement about the investment, saying, "Unicorn India Ventures' expertise will be invaluable as we continue building our growth momentum. This is our maiden institutional funding, and we believe it's a crucial step in fueling our continued expansion."
In the last 12 months, PeLocal claims to have grown from 500K monthly payment transactions to 3 million monthly payment transactions. The company aims to touch 10 million monthly payment transactions on WhatsApp in the next 12 months. It is planning to launch a marketing catalog on WhatsApp with payments and an SMB payments platform on WhatsApp.
