[Funding alert] Zero-alcohol beer brand Coolberg raises Series A funding of $3.5M
Mumbai-based startup Coolberg which offers malt-based, flavored, non-alcoholic beers has raised Series A funding of $3.5 million led by RB Investments (Singapore-based family office) and its 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 (IAN).
Started by Pankaj Aswani and Yashika Keswani in 2016, Coolberg operates in the premium soft beverages category, catering to those who do not want to consume alcohol due to religious and cultural beliefs and lifestyle or health choices but still wish to enjoy premium beverages.
According to the company, the product was conceptualised with the aim to provide an innovative product to enjoy during celebrations, hangouts, and casual meetings, among other occasions.
Coolberg's offerings include non-alcoholic beers in flavours like malt, ginger, mint, and strawberry.
Yashika, Co-founder and COO, Coolberg, said,
“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 the market. Our R&D team is strong and keeps a close eye on consumer needs.”
The startup had earlier raised an undisclosed seed funding in 2018 from venture capital firm India Quotient and IAN’s maiden fund.
Coolberg currently has distribution networks across major Indian cities, with 12,000 outlets across states including Bihar, Maharashtra, Punjab, Haryana, UP, Jharkhand, Goa, Karnataka, Telangana, West Bengal, and Rajasthan. Apart from traditional trade channels such as supermarkets and restaurants, Coolberg can also be found at offices, colleges, airports, etc.
According to Pankaj, Co-founder of Coolberg,
“Basically, anywhere you find a cola, we want you to be able to find a Coolberg as well.” He added that the fresh investment would help the company to strengthen its distribution network and enhance the brand awareness.
(Edited by Athirupa Geetha Manichandar)