Mumbai-based startup Coolberg, which makes malt-based flavoured non-alcoholic beers, has secured $3.5 million in Series-A round led by RB Investments (a Singapore-based family office) and existing investor India Quotient. The round also saw 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. “There is significant overlap between beer drinkers and soft drink consumers, and 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 healthier drinks as well,” the company said in a statement.
Besides traditional trade channels like supermarkets and restaurants, Coolberg is available across 12,000 outlets. It is also available at offices, colleges and airports. “Basically anywhere you find a Cola, we want you to be able to find a Coolberg as well,” said Pankaj Aswani, founder of Coolberg Beverages. “Raising this investment will help us strengthen our distribution network and increase brand awareness” Aswani added.
“The Indian beverage market is witnessing an interesting transformation with an increased demand for new flavours. All our variants are unique, refreshing and new to market. Our R&D team is strong and keeps a close eye on consumer needs,” said Yashika Keswani, co-founder and chief operating officer.
Madhukar Sinha, a partner at India Quotient, said: “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 conceptualised by Pankaj Aswani and Yashika Keswani to provide innovative products to enjoy during celebrations, hangouts, 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.