After raising a $20 million bridge round from existing investors Sequoia Capital and Sofina, Bira 91 has raised 9.3 crore from a clutch of angels including Pankaj Chaddah, Shikha Sunil Chandak and Nishant Mittal. The money has come at a time when Bira 91 is gearing up to foray into non-alcoholic beverages.
Sajeev Singh has invested Rs 2 crore whereas Chandak put in Rs 1.04 crore, regulatory filings show. Suprati Finvest Pvt Ltd, Vineeta Gupta and Naveen Sangari have infused Rs 1 crore each in the craft beer brand. Majithia Family has invested Rs 1.45 crore while Kais Holding invested Rs 71.52 lakh.
Zomato’s and Mindhouse’s co-founder Chaddah has put in Rs 75 lakh and Mittal invested Rs 34 lakh. Following the fresh infusion, promoters holdings has been diluted to 19.35% while ear;y backer Sequoia remains the largest stakeholder with 42.19% stake.
Sofina Ventures controls 10.3% in the Delhi-based venture. Sixth Sense India opportunity Fund owns 1.81% whereas the ESOP pool consists of 1.81%. About 23.69% stake in Bira 91 is owned by other small investors including angels and family offices.
Last month, the Ankur Jain-led firm had also raised around Rs 11.5 crore in the same round from several investors.
Bira 91 is looking to expand beyond its core beer business. It’s all set to foray into the non-alcoholic beverages segment with carbonated drinks, juices, energy and sports drinks and sparkling water. Entrackr had exclusively reported the development on November 11.
Bira 91’s move into the non-alcoholic beverages segment is a departure from the company’s earlier plans to launch 40-50 different limited release beers. Nationwide lockdown had impacted the beer business severely. Manufacturers and retail stores sell 60% of their entire business in summer, but they weren’t able to do so this year because of the pandemic.
Bira91 had also rolled out a range of merchandising products such as growlers, glasses, mugs, ice-bucket and apparel in late 2018. While the company has not filed its annual financial statement for FY20, it had registered a mild growth of 15.4% in revenue to Rs 183 crore in FY19 as compared to Rs 158.6 crore in FY18. During the period, its losses jumped 2X to Rs 202.2 crore.