Mumbai-based startup Coolberg, which offers malt based flavoured non-alcoholic beers, has secured funding of $3.5 million in its Series A round 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 and a pool of investors from the Indian Angel Network.
Coolberg operates in the premium soft beverages category 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. Raising this investment will help us to strengthen our distribution network and increase brand awareness,” Pankaj Aswani, founder of Coolberg Beverages said in a statement.
Coolberg was founded by Pankaj Aswani and Yashika Keswani with an aim to provide an innovative product as an alternate to existing beverages.
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 unique, refreshing and new to market. Our R&D team is strong and keeps a close eye on consumer needs.”
The startup had earlier raised an undisclosed seed amount from venture capital firm India Quotient and Indian Angel Network’s (IAN’s) maiden fund.
“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,” Madhukar Sinha, Partner at India Quotient said.