Craft beer maker Bira 91 has successfully raised $50 million in the past three months, bolstering its financial position through strategic investments from Kirin Holdings and Tiger Pacific Capital. The company recently secured $25 million via External Commercial Borrowing (ECB) from its existing investor Kirin Holdings, following a $25 million investment from Tiger Pacific Capital in March.
The board at Bira 91 approved a resolution to raise the $25 million from Kirin Holdings in two tranches of $12.5 million each, according to regulatory filings accessed from the Registrar of Companies. These filings also reveal that Kirin Holdings has the option to convert the raised ECB into Series D CCPS (Compulsorily Convertible Preference Shares).
Tiger Pacific Capital had previously acquired a 4% stake in Bira 91, valuing the company at approximately $600 million pre-money. Sources from Entrackr noted that Bira 91 additionally raised nearly Rs 100 crore ($12 million) through non-convertible debentures over the last four months.
To date, Bira 91 has amassed around $350 million in total funding. This includes a $70 million Series D round led by Japanese integrated beverages company Kirin Holdings in November 2022. According to startup data intelligence platform TheKredible, Peak XV (formerly Sequoia Capital) remains the largest external stakeholder in Bira 91 with a 24.83% stake, followed by Kirin Holdings with 21.25%.
Bira 91 offers a diverse range of beer variants, such as Bira White, Gold, Bira Blonde, and Boom Super Strong. The company operates in over 1,000 towns across 25 countries and brews its beer at six manufacturing units in India.
While Bira 91 has yet to disclose its most recent fiscal numbers, it reported a 17% year-on-year growth in scale for FY23, with revenue nearing Rs 850 crore. However, the company also recorded a loss of Rs 446 crore for the fiscal year ending March 2023.
This fresh capital infusion is expected to fuel Bira 91’s growth initiatives, including expanding its production capacity, enhancing its product offerings, and strengthening its market presence both domestically and internationally.
