Craft beer maker Bira 91 has raised $10 million from Japan’s largest bank MUFG Bank, months after it bagged $70 million in a Series D round, which was led by Japanese beer company Kirin Holdings Co.
The company will use the funds to continue to ramp up its production and supply chain, and enhance innovation capabilities.
Founded in 2015, Bira 91 makes various beer variants including Bira White, Gold, Bira Blonde, and Boom Super Strong among others. The company has also been experimenting with non-alcoholic beverages. It has a presence in 18 countries with around 31,000 outlets across 550 cities. The company claims to have secured a double-digit share in several key markets and emerged as the fourth-largest beer brand in India.
The brewer recently stepped into the cafe-chain market after it acquired The Beer Cafe in an all-stock deal in October.
Bira 91 holds a market share of 5% across key markets in India. It has five manufacturing facilities in the country and is available across 550 towns and 18 countries worldwide. Jain said their product will be available in 25 markets overseas before the end of the current calendar year. The company recently announced investments in a greenfield facility in Uttar Pradesh, that is expected to go live in the summer of 2024.
After seeing negative growth in FY21, Bira 91’s operating revenue grew by 66.8% to Rs 719 crore during FY22. As per Fintrackr’s analysis, the firm’s losses also surged 57.8% to Rs 396 crore in FY22 against Rs 251 in the preceding fiscal year (FY21).
In December 2022, Bira 91 passed a resolution to increase its existing ESOP pool by around $14 million, whereas the total worth of the ESOP stood at around $32.75 million. Eying towards IPO in the coming months, the company also converted into a public entity. Entrackr had exclusively reported about these developments in December last year.