Bira 91, a leading craft beer manufacturer, has secured $25 million in a Series D financing round from existing investor Kirin Holdings Singapore. This information comes from a regulatory filing with the Ministry of Corporate Affairs. The funding will be disbursed in two tranches of $12.5 million each as external commercial borrowings (ECB).
As part of the agreement, Kirin Holdings has the option to convert the outstanding borrowings into Series D Compulsorily Convertible Cumulative Preference Shares (Series D CCCPS) of Bira 91. This recent investment follows closely on the heels of a $25 million funding round from Tiger Pacific Capital in March 2024, bringing the total amount raised by the New Delhi-based company to $50 million in the last three months.
Bira 91, established in 2015 by founder and CEO Ankur Jain, has grown significantly, now serving customers across 24 countries. The company is backed by prominent investors, including Sequoia Capital India, Belgium-based Sofina, and Japan-headquartered Kirin Holding. In 2022, Bira 91 expanded its retail footprint by acquiring 39 pubs under the brand name The Beer Café.
According to market data from Tracxn, Bira 91 has raised a total of $453 million across 17 rounds of equity funding to date. The Indian beer market, as reported by the IMARC Group, is expected to reach approximately $10 billion by 2032, with a compound annual growth rate (CAGR) of 7.1% from 2024 to 2032. The report attributes this growth to an increasing preference for alcoholic beverages among millennial consumers and greater accessibility to these products.
B9 Beverages Ltd, the parent company of Bira 91, reported a 14.4% increase in consolidated total revenue to Rs 848.7 crore for the fiscal year 2022-23 on a year-on-year basis. However, the company also saw an 11% rise in its net loss for FY23, amounting to Rs 445.5 crore.