Cracking India’s Alcobev Code, Puneet Kumar Exits Nexus, and Raj Kundra Summoned

In India’s alcobev sector, the unwritten rule has long been that you can scale fast or you can make money - you cannot do both. Bira 91 became the symbol of this contradiction, burning cash at unprecedented levels and even watching ₹80 crore worth of inventory turn unsellable after a regulatory cascade. Incumbents like Kingfisher grew profitably but slowly, weighed down by capex-heavy breweries and decades-old distribution chains. The playbook seemed fixed.

Proost rewrote that playbook. In FY25, the Delhi-born beer brand reported ₹115 crore in revenue, up 174%, and achieved EBITDA breakeven, a rare combination in a sector known for margin compression and regulatory landmines.

India’s beer market offered both tailwinds and gaps. Per-capita consumption sits at just 2.15 liters, one-tenth of Asia-Pacific levels, while 100 million Indians will reach legal drinking age by 2030. Between low-priced lagers and expensive craft imports, a quality affordable middle barely existed. Proost built its brand entirely inside that gap, offering low-bitterness, “sessionable” beers priced at ₹95-₹140 that fit the taste and budget of young urban drinkers. Repeat purchase rates of 65-70% confirm deep product-market fit.

Instead of a pan-India blitz, Proost expanded like a strategist, not a sprinter - first building dominance in Delhi, then Punjab and UP, and lastly entering opportunistic states. This sequencing produced a robust distribution moat: 25,000+ retail touchpoints, stable replenishment cycles, and insulation from the disruptions that crippled faster-growing peers.

The company’s cost structure is where its discipline becomes most visible. Rather than building breweries, Proost adopted a leasehold model, freeing up ₹50-₹80 crore of capex while maintaining flexibility. Even with slightly higher per-case costs, the asset-light approach preserved cash and accelerated breakeven timelines. Proost doubled down on operational efficiency: a 50% reusable bottle program in Delhi cut bottle cost by over 50%, slashing 8-10% of COGS - an extraordinary outcome in a sector with thin margins.

Marketing became another area where Proost zigged while competitors zagged. Where most brands spent heavily on celebrity endorsements and IPL visibility, Proost focused on house-party activations, retail POS visibility, and micro-influencer content. This kept marketing spend under 2% of revenue, resulting in CAC as low as ₹7-₹12 per customer.

But perhaps the most understated moat Proost built was regulatory foresight. Alcohol in India is effectively 28 markets, not one - and missteps can freeze sales across states for months. Bira’s corporate name change triggered state-wide re-registrations and costly shutdowns. Proost avoided this entirely by maintaining stable legal entities, pre-clearing label updates annually, and building compliance capacity early.

As of FY25, Proost operates at an annualized 8 lakh case run rate, roughly 1% of the market. Its 2030 vision - 5% share, 15 million cases - requires disciplined expansion into 12-14 states and continued optimization of its supply chain and product mix. It plans to launch fruit-infused lagers, low-calorie variants, and potentially seltzer-adjacent offerings - to own the broader “sessionable alcohol” category rather than just beer.

What makes Proost especially interesting from an investor lens is optionality. At ₹400-₹500 crore projected revenue by 2030 with double-digit EBITDA margins, it can realistically pursue an IPO or become an acquisition target for players like Heineken, Diageo, or Carlsberg - each of whom has shown appetite for acquiring high-growth regional brands globally.

Proost’s journey shows that discipline, not disruption, is often the real moat in India’s toughest markets. If the company sustains this balance of ambition and restraint, it may redefine what a modern Indian alcobev brand can be.

Let’s go through what else is happening in Indian startup world - Grab your simmering cup of StartupChai.in and unwind with our hand-brewed memes.

“Kuch Naya Karna Hai”: SuprDaily Cofounder Puneet Kumar Quits Nexus Venture To Launch New Startup

SuprDaily cofounder Puneet Kumar has exited Nexus Venture Partners less than two years after joining the firm in 2024, and is now gearing up for a return to entrepreneurship.

He is reportedly building a new startup in stealth mode, stepping away from the investor role just as Nexus closed its eighth fund with a $700 Mn corpus. The timing suggests Kumar is choosing the uncertainty of building over the comfort of capital.

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“Aao Aapko Jail Ki Sair Karaun”: PMLA Court Summons Raj Kundra After ED Files Chargesheet

A special PMLA court in Mumbai has summoned Raj Kundra after the Enforcement Directorate filed a chargesheet in the GainBitcoin scam, asking him to appear on January 19.

The court also issued summons to Dubai-based businessman Rajesh Satija in the same case. In its September 2025 filing, the ED alleged Kundra’s role went beyond that of a mediator, claiming he was a beneficial owner of the scam.

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“Kaddu Katega, Sab Mein Batega”: Centre Mulls Extending Tax Deferral On ESOPs For DPIIT Startups

The Centre is mulling an extension of the four year ESOP tax deferral to all startups recognized by the Department for Promotion of Industry and Internal Trade, beyond the 4,000 firms currently eligible under the Inter Ministerial Board.

If implemented, over 1.97 lakh DPIIT recognized startups would be able to defer ESOP taxes, offering relief to founders and employees alike.

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“Times-They’re A Changin’”: Awfis CFO Ravi Dugar Quits, Sumit Rochlani To Take Over

Awfis has announced a top level reshuffle with CFO Ravi Dugar stepping down and ex-Boeing executive Sumit Rochlani set to take over the role.

Dugar, who cited better career opportunities, will continue until February 2, while Rochlani assumes charge on February 3, marking his second stint at Awfis after heading its finance vertical till May 2022.

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“Waqt Rehta Sochna Padega”: Unacademy Rolls Back Changes To ESOP Exercise Window

Unacademy has rolled back changes to its ESOP exercise policy, restoring a much longer window for former employees to buy their vested stock options.

Under the reinstated rule, ex employees now get up to 10 years to exercise ESOPs, reversing the earlier 30 day deadline after exit. The rollback follows sharp backlash on social media from former staff, forcing the company to course correct.

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1. Orthopaedic treatment startup OSSO has raised ₹4 Cr in a seed round led by the Haldiram family office, with participation from Jindal Group MD Sahil Jindal, Culture Cap’s Aakashdeep Goyal, Parijat Sharma, Viraj Patel, and existing backers.

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2. Even Healthcare has raised $20 Mn to expand its hospital network in Bengaluru and scale its managed care model. The round saw participation from Sharrp Ventures, Lachy Groom, and Alpha Wave, taking Even’s total funding to $70 Mn from backers including Khosla Ventures and 8VC.

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3. Lohia Aerospace Systems has raised fresh capital from Singularity AMC, though the financial terms of the deal were not disclosed. Founded in 2021 by the Lohia family, the company designs and manufactures advanced composite aerostructures for aircraft, UAVs, and next generation aerospace and defence platforms.

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4. Zerodha has committed ₹2 Cr in CSR funding to The Sustainability Mafia to strengthen India’s climate talent and startup ecosystem. The grant will help SusMafia build a climate aware workforce while supporting early stage climate tech ventures in scaling impact driven solutions.

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