Coolberg, which offers malt-based, flavored non-alcoholic beers, has raised $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 participation from Ashish Goenka, chairman of Suashish Diamonds Ltd, and a pool of investors from Indian Angel Network (IAN). The company was founded by Pankaj Aswani and Yashika Keswani in 2016.
Earlier, the company had raised an undisclosed amount in its seed funding round in 2018 from venture capital firm India Quotient and IAN’s maiden fund.
It is understood that the funding will help the startup increase it’s footprint in India.
The company offers non-alcoholic beers in flavours like malt, ginger, mint, and strawberry. The product is sold at over 12,000 outlets across states including Bihar, Maharashtra, Punjab, Haryana, UP, Jharkhand, Goa, Karnataka, Telangana, West Bengal, and Rajasthan.
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