Gateway Brewing Co., Mumbai’s first microbrewery,is in advanced talks with investors to raise around $3 million in its Series A round, co-founder Naveen Mittal said.
The two-year-old start-up will utilise the capital to start its bottling operations for distribution of their beer across the country.
“We are raising the fund to get our beers out and sell our beers in bottles in Mumbai and Pune and other cities including Delhi and Gurgaon. The fund will be utilised for a little bit of capital expenditure, for marketing and also for brand building,” Mittal said, adding that the deal is expected to be completed within a month’s time.
Gateway Brewing claims it sells the equivalent of 2,000 cases per month in volume on tap across Mumbai and Pune and plans to sell about 10,000 cases per month in bottle form after it receives the funding.
Gateway Brewing has hired Ashika Capital Ltd, a Mumbai-based investment bank, to advise it on the transaction.