Early Life
Pankaj Aswani has been a graduate of The Institute of Chartered Accountants of India and has previous experience as a management associate at Citi. His wife, Yashika Keswani, was born and raised in an entrepreneurial family. Since childhood, she has been passionate about entrepreneurship. She completed her graduation degree from Birla Institute of Technology at Jaipur.
In addition to this, she also did an MBA from Manipal University in Jaipur. Later, she gained experience at MTLB for about a year and half. She also gained experience working as a verbal communication expert.
Pankaj is a teetotaller who enjoys parties, and socializing with friends without consuming alcohol. Despite his friends consuming beer and other liquor, he always opted for apple juice or energy drinks. Being a non-alcoholic, he struggled to find enjoyable drink options due to the limited choices available for non-drinkers.
In early 2016, he got married to Yashika and went on a trip to Australia and New Zealand. During their trip, he ordered a non-alcoholic beer and madly fell in love with it. That is when he discovered a game-changing idea that led to the creation of Coolberg. They realized that this could be a perfect solution for non-alcoholic people.
Launch of Startup: Coolberg by Pankaj and Yashika
Upon returning to India from their life-changing trip, the couple began working on the formulas. After spending several months working hard, finally, they finally developed a non-alcoholic beer.
Later, in 2016, they launched Coolberg. The drink is made from barley malt and fermented partially that has tastes close to real beer but doesn’t contain alcohol. This drink is perfect for those who want to enjoy a refreshing drink without consuming alcohol.
In addition to the original flavors, the beverage has five more flavors, which include strawberry, mint, ginger, peach, and cranberry. The success of the company extends beyond India, as the drinks are now sold to several countries including Bhutan, Nepal, Africa, Maldives, and other nations.
Coolberg’s Process of Making
- The couple duo prepared the non-alcoholic beer by carefully choosing natural ingredients.
- They start by selecting the best barley and then soak it in water to create malt.
- The mixture is then blended, heated, and cooled down.
- Next, they filter out any alcohol before pouring the golden drink into the glass.
- The drink represents freedom and relaxation it is meant to be enjoyed as a moment of celebration.
Funding and Investors
The company has organized two investment rounds. The latest round happened in 2019. This funding round was led by RB Investments and Indian Quotient, while in 2018, the India Quotient and Indian Angel Network funded the company.
From the two funding rounds, the total funding raised was around $4 million. Currently, Coolberg has 7 investors with four leading investors which include:
- RB Investments Private Limited
- Indian Quotient
- Sanjay Mehta
- Anirudh Agarwal
Growth and Success
Since the date of launch, the company has experienced significant growth and now is available in around 25 thousand stores across the country. In addition to this, they also have partnerships with over 250 distributors.
Their beverages are primarily sold in grocery stores, cafes, bars, restaurants, airports, colleges, and supermarkets; apart from this, the company also sells drinks directly to customers through numerous online platforms. The soft drinks market in India has reached a revenue of $4.9 billion in the year 2021.
By the year 2025, they are expected to grow it annually by 9%. The project prices range from Rs 109. The company founder, Pankaj, looks over the charge of statistics and marketing while his wife looks over advertising and organizing. Through teamwork and dedication to providing a refreshing drink to non-alcoholic individuals, they gained immense popularity and success.
Future Plans
In the future, the Coolberg company is planning to expand its presence in new markets. In addition to this, they are also looking ahead to add new flavors; they are currently researching this to offer fresh and exciting flavors. Moreover, they are also looking to partner with other brands to expand their business reach. The couple is aiming to become a leading beverage company in the beverage industry.
