Bira91 has raised $70 million in Series D funding from Japan’s Kirin Holdings. The deal takes Kirin’s shareholding in the company to nearly 20% from its earlier 10%. The company will use the funds to expand production capacity by commissioning new breweries and expanding its existing facilities. The capital will also be deployed to expand the company’s distribution footprint domestically and internationally, Bira91 said in a statement.
The beer maker has raised over $200 million so far from investors such as Sequoia Capital India, Sofina and Kirin Holdings. Bira91 has a presence in over 500 towns and cities in 18 countries and across four breweries in India. Last month, it acquired pub chain The Beer Cafe to strengthen its play in the pubs and taprooms market.
The beer maker also performed significantly well in FY21 despite the effect of the pandemic, with a revenue amounting to Rs 431 crore and losses narrowing by 21%.
Kirin, which first invested $30 million in Bira for an under 10% stake last year, was set to pump in the additional funds for an around 15% stake at an equity valuation of $450 million, Reuters reported in September.
A Bira spokesperson declined to comment further, while Kirin did not immediately respond to an email from Reuters seeking additional comment.
“Over the last year, Kirin Holdings has worked with the management team of Bira91 across some of the key aspects of business, especially in areas of manufacturing capability and sustainability. We are delighted to see the growth Bira91 has witnessed post the pandemic and we strongly believe that Bira91 has tremendous potential in this growing market.”said Hiromasa Honda, Managing Director, Kirin Holdings Singapore.
Bira did not say what its valuation or Kirin’s stake would be after the funding round, but said it would use the funds to build new breweries and expand existing facilities, increasing its footprint, which spans 550 towns in 18 countries.