Mumbai based startup, Coolberg Beverages Private Limited, 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.
With its offerings in the non-alcoholic beverage segment, Coolberg is a grown-up non-alcoholic option for people who don’t take alcoholic drinks. 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.
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.”
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.
India Quotient invests at Seed stage with ticket size between Rs 1Cr-5 Cr in the first cheque. Some of the portfolio companies of IQ are Lendingkart, Sharechat, Faballey, Sugar Cosmetics etc. They are currently investing through their third fund IQ Alpha III. The fund invests in spaces such as content and media, consumer brands, financial technologies, healthcare and IOT.