Mumbai-based startup Coolberg which offers malt-based flavored non-alcoholic beers on Wednesday announced that it has secured $3.5 million in 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.
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.
Pankaj Aswani, founder of Coolberg Beverages, said in a statement, “Basically, anywhere you find a Cola, we want you to be able to find a Coolberg as well. Raising this investment will help us to strengthen our distribution network and increase brand awareness.”
In a statement, Yashika Keswani, Co-founder and COO, said, “The Indian beverage market is witnessing an interesting transformation with an increased demand for new flavors. All our variants are new to market. Our R&D team is strong and keeps a close eye on consumer needs”.