Craft beer manufacturer Bira 91 raised $25 million in Series D financing from existing investor Kirin Holdings Singapore, according to the document filed by the company with the Ministry of Corporate Affairs.
The company has agreed to avail the external commercial borrowing (ECB) in two tranches of $12.5 million, showed the regulatory filing.
Bira 91 has also agreed to provide Kirin Holdings with an option to convert the outstanding borrowings into Series D Compulsorily Convertible Cumulative Preference Shares (Series D CCCPS) of the company.
The funding round comes a few months after Bira 91 raised $25 million from Tiger Pacific Capital in March 2024. This brings the total money the New Delhi-based company raised to $50 million in the past three months.
Bira 91, established in 2015 by founder and CEO Ankur Jain, serves across 24 countries and is backed by Sequoia Capital India, Belgium-based Sofina, and Japan-headquartered Kirin Holding.
The company also owns 39 pubs under the brand name The Beer Café, which it acquired in 2022 to scale up its retail presence.
According to market data website Tracxn, the flavoured beer maker has raised a total of $453 million across 17 rounds of equity funding.
The Indian beer market is expected to reach about $10 billion in 2032, exhibiting a growth rate (CAGR) of 7.1% during 2024-2032, according to a report by the IMARC Group.
The report highlighted an increasing preference for alcoholic beverages among millennial consumers, along with accessibility to the products, to be among the key factors driving this growth.
B9 Beverages Ltd, the parent company of Bira 91, reported a 14.4% rise in its consolidated total revenue to Rs 848.7 crore during FY22-23 on a year-on-year basis. It reported an 11% rise in its FY23 net loss to Rs 445.5 crore.
Edited by Suman Singh
