Proost Secures INR 30 Crore in Series-A Funding to Expand Op

Proost Secures INR 30 Crore in Series-A Funding to Expand Operations

By Nithyakala Neelakandan

Published on November 21, 2024

Proost, a homegrown beer startup founded in 2017 by Tarun Bhargava and Vijay P. Sharma, has successfully raised INR 30 crore as part of its ongoing Series-A funding round. The investment was led by existing backers Chimes Group and Srinivasan Namala of Porus Laboratories, with participation from Hyderabad Angels, The Chennai Angels, and other high-net-worth individuals (HNIs).

The newly acquired funds will bolster Proost’s supply chain, support its entry into new markets, and deepen its reach in existing regions. The company also plans to expand its product portfolio and strengthen brand-building initiatives to position itself as a leading player in India’s beer market.

Tarun Bhargava, Co-Founder & CEO of Proost

“We are thrilled to announce this new round of funding, which represents a significant step forward in Proost's journey,” said Tarun Bhargava, Co-Founder & CEO of Proost. “With these funds, we will focus on expanding production capacity, exploring new markets, and deepening our presence in current ones. This brings us closer to our goal of capturing a substantial share of the Indian beer market by the end of the decade.”

Proost operates under the banner of Grano69 Beverages and has already established a robust presence across Delhi, Punjab, Uttar Pradesh, Kerala, Jharkhand, and Karnataka. The company aims to capture a 5% market share in India’s beer industry by the end of the decade, leveraging customer-focused product development, strategic market expansion, and innovation.

Vijay Prakash Sharma, MD & Co-Founder of Proost

The brand is known for its premium quality beers characterized by low bitterness and high drinkability. Proost also prides itself on being a “Made in India” brand, sourcing 99% of its raw materials locally.

A representative from Chimes Group expressed enthusiasm about Proost’s growth trajectory, stating, “Proost’s strong market presence and vision reflect the team’s deep understanding of the Indian consumer. We are excited to support their mission to transform the beer industry with high-quality, innovative products.”

Proost intends to use the funds to introduce new beer variants that cater to evolving consumer preferences. The company also seeks to maintain its competitive edge by tapping into emerging trends and developing products that resonate with the Indian audience.

NRAI Mumbai Chapter Offers 20% “Democracy Discount” to Encourage Voter Participation

By Nithyakala Neelakandan

Published on November 20, 2024

The National Restaurant Association of India (NRAI) Mumbai Chapter has launched a unique initiative aimed at boosting voter turnout in the upcoming general elections. In an effort to engage the city's urban voters, NRAI has introduced the "Democracy Discount," a 20% discount on dine-in bills at over 50 participating restaurants across Mumbai. This offer will be available on November 20th and 21st, 2024, for voters who can show proof of voting.

The initiative comes at a pivotal time, as Chief Election Commissioner Shri Rajiv Kumar has expressed concerns over low voter participation in urban areas and emphasized the importance of involving young voters in the election process. By offering an incentive, the NRAI hopes to motivate residents of Mumbai, particularly younger voters, to cast their ballots and make their voices heard.

Rachel Goenka, Head of the NRAI Mumbai Chapter, highlighted the importance of the initiative, saying, “This initiative by the NRAI aims to inspire our young urban voters to actively engage in the voting process, celebrating our country’s vibrant and robust democratic framework, one of the largest in the world. I extend heartfelt thanks to all the participating brands and restaurants for enthusiastically joining this cause and encouraging young voters to make the most of this unique offer.”

The 20% discount is available to dine-in customers who present a voter ID showing Mumbai residency along with an inked finger as proof of voting. Over 50 well-known restaurants in Mumbai are participating in this drive, including popular spots such as Silver Beach Cafe, Nom Nom Khar, The Sassy Spoon, Bonobo, and The Bombay Canteen. This offer provides voters with an additional incentive to visit their favorite restaurants while contributing to the democratic process.

Participating Restaurants Include:

1. Silver Beach Cafe

2. Nom Nom, Khar

3. Estella

4. Akina

5. The Sassy Spoon

6. Saz Cafe

7. Pings

8. Nksha

9. Tamak

10. Taftoon

11. Lyla

12. EVE - Powai & Worli

13. Donna deli

14. Shy

15. Bonobo

16. Jamjar Diner

17. SOCIAL - All Outlets

18. SMOKE HOUSE DELI - All Outlets

19. ⁠Lord of the Drinks

20. ⁠Not Just TAMASHA

21. ⁠GARNET

22. ⁠FLYING SAUCER

23. ⁠Steps Cafe, Bandra

24. ⁠Great Punjab, Dadar

25. ⁠Pints of Wisdom, BKC

26. ⁠Oh So Silly Khar

27. ⁠Mirchi & Mime, Powai & Thane

28. Madeira & Mime, Powai

29. Zima

30. Shawarma Factory

31. ⁠JOSHH: Indian Eat Street

32. The Clearing House

33. ⁠TAT-Vikhroli

34. ⁠Que Sera Sera-Andheri

35. ⁠Blah ! - BKC and Santacruz outlet

36. Saffron & Soy, Juhu

37. ⁠Lord Of The Drinks, Powai

38. ⁠Farzi Cafe Oberoi

39. ⁠Pa Pa Ya (all outlets)

40. ⁠Mainland China

41. ⁠Asia Kitchen by Mainland China.

42. ⁠Episode.

43. ⁠Bohoba.

44. ⁠Global Grill, Malad.

45. ⁠Gong

46. Aegyo - Cafe & Bakehouse

47. ⁠The Bombay Canteen

48. ⁠O Pedro

49. ⁠Veronica's

50. ⁠Bombay Sweet Shop

51. Hakkasan

52. Yauatcha

53. Nara Thai

54. CinCin

55. Ode

56. Waarsa

With such an extensive list of participating restaurants, the initiative is expected to encourage a large number of people to vote while enjoying a meal out. This drive is part of NRAI’s ongoing efforts to promote social responsibility and community engagement.

About NRAI

Founded in 1982, the National Restaurant Association of India is the primary voice of the Indian restaurant industry, representing over 500,000 restaurants. The NRAI aims to promote and strengthen the food service sector in India, with a broad network that spans across cities and states. The organization supports its members with initiatives that enhance the growth and sustainability of the industry.

BL Agro and Leads Connect Unveil SAMARTH 1.0 at Krishi Bharat 2024 in Lucknow

By Nithyakala Neelakandan

Published on November 19, 2024

BL Agro, a prominent FMCG brand, and its agritech arm, Leads Connect, launched SAMARTH 1.0 during Krishi Bharat 2024 in Lucknow. This initiative aims to tackle critical agricultural challenges through scientific collaboration and innovative solutions. The event saw participation from dignitaries, including Shri Surya Pratap Shahi, Uttar Pradesh's Agriculture Minister, Shri Manoj Kumar Singh, IAS, Chief Secretary of Uttar Pradesh, and Jan-Kees Goet, Minister for Agriculture, Fisheries, Food Security, and Nature from the Netherlands.

SAMARTH 1.0, an acronym for "Seminar on Agricultural Modeling and Assessing Risks for Transforming Humanity," focuses on fostering dialogue among stakeholders, including researchers, academics, and industry leaders. The initiative prioritizes sustainable agro-ecosystem development and value chain enhancements.

Highlighting the initiative’s purpose, Dr. Alok B. Mukherjee, Director of Research, Analytics & Modeling at Leads Connect, remarked, “SAMARTH is more than just a research journal. It’s a way to create real, on-ground impact… By combining advanced technology with an interdisciplinary approach and hyper-local intelligence, we are moving beyond conventional AI to embrace strong AI.”

The event also included the announcement of SATI (Satellite Analytics & Transfer Intelligence), a scientific journal aiming to spotlight cutting-edge research in agriculture, climate resilience, and value chain analytics. The top three research papers will be awarded Rs. 50,000, Rs. 30,000, and Rs. 20,000, with selected articles published in SATI after a rigorous peer-review process.

Kisan Samvad, a unique interactive session, enabled farmers to voice their challenges and contribute valuable insights for developing practical, sustainable solutions. This engagement underscored the initiative’s commitment to addressing real-world agricultural issues.

Navneet Ravikar, Chairman and Managing Director of Leads Connect, emphasized the broader mission, stating, “Our efforts are driven by a deep commitment to developing robust and sustainable solutions for agriculture and the environment… SAMARTH 1.0 is a testament to our dedication to transforming lives and bringing smiles to people through impactful solutions.”

Jan-Kees Goet highlighted the Netherlands' shared commitment to agricultural innovation, commending SAMARTH 1.0 for its collaborative vision. He remarked, “It is inspiring to see initiatives like SAMARTH 1.0 echoing values of productivity and sustainability by integrating global and local expertise.”

Shri Manoj Kumar Singh praised Uttar Pradesh’s agricultural heritage and BL Agro’s efforts, noting that advanced technologies like embryo development and zero-waste integrated farming are vital for enhancing productivity and sustainability in the region.

About the Organizations

Leads Connect Services specializes in data-driven agritech solutions, focusing on risk management, climate resilience, and sustainable farming practices. Their expertise in GIS, analytics, and crop assessment fosters resilience in the agricultural sector.

BL Agro, headquartered in Bareilly, Uttar Pradesh, has grown from a mustard trading business to a leading FMCG conglomerate. Known for its popular brands Bail Kolhu and Nourish, the group also champions dairy innovation and sustainable agritech solutions through its subsidiaries.

Magadh Sugar & Energy Reports Q2 & H1FY25 Financial Results

By Nishang Narayan

Published on November 15, 2024

Magadh Sugar & Energy Limited (MSEL) has reported its unaudited financial results for the Quarter and Half Year ended September 30, 2024, showing significant strides in revenue growth despite challenges in profitability. The company's performance reflects the ongoing efforts to navigate the evolving landscape of the sugar industry.

Financial Highlights:

Q2FY25:

Total Income stood at Rs. 324 Cr, up from Rs. 289 Cr in Q2FY24.
EBITDA for the quarter was Rs. 21 Cr, down from Rs. 33 Cr in the same period last year.
PAT was Rs. 5 Cr, a decrease from Rs. 15 Cr in Q2FY24.

H1FY25:

Total Income reached Rs. 684 Cr, compared to Rs. 590 Cr in H1FY24.
EBITDA for the half year was Rs. 57 Cr, down from Rs. 72 Cr in H1FY24.
PAT for the half year was Rs. 17 Cr, compared to Rs. 31 Cr in H1FY24.

Chairperson’s Comments: Mr. C.S. Nopany, Chairperson of Magadh Sugar & Energy Ltd, expressed optimism despite the industry's challenges. He highlighted the potential benefits of the recent government decision to lift restrictions on the use of cane juice, syrup, and B-heavy molasses for ethanol production. Mr. Nopany emphasized the importance of continued policy support to both the sugar and ethanol sectors, which will help ensure operational efficiency and growth.

“We remain committed to driving sustainable growth through strategic investments in our production capacity,” Mr. Nopany stated. The ongoing capital expenditure program, focused on increasing crushing capacity and improving steam-saving measures at the Narkatiaganj unit, will be operational with the new crushing season in 2024-25.

About Magadh Sugar & Energy Limited:

Magadh Sugar & Energy Limited, incorporated in 2015, operates three sugar mills across Bihar with a combined crushing capacity of 21,500 TCD. The company also runs two ethanol distilleries and a co-generation power facility capable of generating 38 MW of power. The company’s strategic focus remains on expanding production and enhancing sustainability, positioning itself for continued growth in the sugar and ethanol industries.

Welcome to post your talent

A platform dedicated to showcase the skills and creativity of hospitality professionals. Share your articles, videos and other content related to the industry and get recognized for your unique perspective and expertise. By posting your content and gaining likes from your own community, we'll categorize your talents and expose them to the hospitality world. Join our community of passionate hospitality professionals and let your talent shine!.