Mumbai based startup Coolberg which offers malt based flavored non-alcoholic beers has secured $3.5 million Series A round led by RB Investments (Singapore based family office) and its existing investor India Quotient. The Round also saw a participation from Ashish Goenka, Chairman of Suashish Diamonds Ltd. and a pool of Investors from Indian Angel Network.
Coolberg operates in the premium soft beverages category and comes as a great fit for the Indian market. There is significant overlap between beer drinkers and soft drink consumers plus there are many who do not consume alcohol due to religious and cultural beliefs. In some of the developed countries, non-alcoholic beers are considered as healthier drinks as well.
Coolberg has strengthened its distribution network and is sold across major cities in India retailing at around 12,000 outlets. Apart from traditional trade channels which includes supermarkets, restaurants, etc., Coolberg can also be found at Offices, Colleges, Airports, etc.
“Basically, anywhere you find a Cola, we want you to be able to find a Coolberg as well” Pankaj Aswani, founder of Coolberg Beverages quoted. “Raising this investment will help us to strengthen our distribution network and increase brand awareness” Pankaj added. Yashika Keswani, Co-founder and COO, stated “The Indian beverage market is witnessing an interesting transformation with an increased demand for new flavors. All our variants are unique, refreshing and new to market. Our R&D team is strong and keeps a close eye on consumer needs”.
Madhukar Sinha, Partner at India Quotient quoted “IQ is excited to lead the Series A round at Coolberg. We are very happy with the growth in revenue as well as the buzz around the brand in the served cities”
Coolberg was conceptualized by Pankaj Aswani and Yashika Keswani with an aim to provide innovative product to enjoy during celebrations, hang-outs, casual meetings, etc. The startup had earlier raised an undisclosed seed amount from venture capital firm India Quotient and Indian Angel Network’s (IAN’s) maiden fund.