INDIA – Bira 91, a craft beer brand owned by B9 Beverages, has raised US$30 million in pre-Series C funding round led its existing investors Sequoia India and Sofina, a Belgium-based investment firm.
The investment round also saw participation from Mumbai-based consumer-focussed venture capital fund, Sixth Sense Ventures and Korean private equity fund, Neoplux as well as several high reputation family offices.
Established in 2015 by B9 Drinks, Bira 91 consists of a crew of over 500 people and has presence in ten international locations, including over 400 cities.
To date, the brand has raised over US$130 million in funding through number of investment rounds to support its mission of create a brand that could be “an integral part of a tech-immersed, creative, urban, diverse, and modern world of the 21st century.”
Ankur Jain, Founder and CEO of Bira 91 says that the brand has already managed yo grow its share in a number of markets and currently controls more than 5% of total beer, and greater than 20 % share of premium beer.
Bira 91 plans to use the new capital to fuel its expansion in India and consolidate its management place within the premium beer market in the country.
“We proceed to develop our enterprise in each current and new markets. Together with Growth, our different new launches of Bira 91 IPA with Pomelo and the Malabar Stout have been properly obtained,” Ankur said.
“2020 is a key inflection level for the corporate the place we anticipate to achieve double digit market shares in various states by way of the 12 months.”
In the past 12 months, Bira 91 has commissioned two new breweries, one every in Andhra Pradesh and Karnataka, and quadrupled its manufacturing capability. It also opened a US production facility in upstate New York in March 2018.
The company claims that it doubled its national market share in its most recent fiancilal year to just below three percent of the overall beer market and further expanded its presence to more than 400 cities, up from 50 cities in the FY19.