Non-alcoholic beer maker Coolberg gets backing from India Quotient, IAN Fund
Non-alcoholic beer maker Coolberg gets backing from India Quotient, IAN Fund

Coolberg Beverages Pvt. Ltd, the Mumbai based non-alcoholic beer maker has raised an undisclosed seed amount from venture capital firm India Quotient and Indian Angel Network’s (IAN’s) maiden fund.

According to the company, the raised funds will be channelized to expand business.

Mumbai-based Coolberg seeks to tap into the “sizeable” portion of the Indian population that does not consume alcohol, the statement said.

The company’s beer products come in flavours such as mint, strawberry, cranberry and peach, according to its website catering to the people across more than 75 cities 18 Indian states.

Pankaj Aswani and Yashika Keswani had founded the startup in 2016. Aswani worked with private sector lender Citibank and Keswani was a communications expert at advertising agency MTLB, according to their LinkedIn profiles.

“Non-alcoholic beer is relatively a white space in the beverage segment in India,” said Madhukar Sinha, founding partner at India Quotient.

“While going to pubs and cafes for drinks is a fast-catching trend for Indian millennials, the choice of beverage, especially for people who do not want alcohol, is very limited,” added Sinha. “Coolberg has an opportunity to establish itself as the first-choice beverage for all such non-alcoholic visitors to pubs and cafés,” Sinha said.

Rise in health concerns among consumers and increase in adoption of a healthy lifestyle have also led to growth in demand for non-alcoholic beer, said Anirudh Agarwal, an entrepreneur member of IAN.

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