Bira 91, the beer brand run by craft beer company B9 Beverages has raised $50 million of fresh funding from Belgium-based investment firm Sofina. The company ever since its inception has raised a total $100 million funding. Existing investor of the firm, Sequoia Capital also took part in the funding round. Sequoia was the last investor in the company when they had pumped $50 million last year.
Notably, the Belgian firm has shown a lot of interests in the Indian firms as it has backed a number of top Indian firms like e-commerce giant Flipkart, edtech app Byju's and Hector Beverages which owns the popular drink brand Paper Boat.
Talking to news daily Economic Times, Ankur Jain, the company CEO revealed how they will use the fresh capital which they have raised. “The proceeds will be used primarily for expansion of Bira’ distribution in the Indian market, though we have also set foot in key global markets such as the US and Asia Pacific region,” Jain told Economic Times over a phone call.
The latest funding has increased the valuation of the 3-year old firm to Rs 1400 crore. Ankur Jain had founded the firm in February 2015 which now operates in top cities like Delhi, Mumbai, Goa, Kolkata, Bangalore, Pune and Chandigarh.
Sofina's Asia head Maxence Tombeur talking about their investment said that “Bira91 is building a leading brand on the underserved premium beer segment by offering a range of high quality and flavourful recipes. With our Belgian roots and experience in investing in consumer businesses, we believe there is a great chemistry between our organizations and are proud to back Ankur Jain and his team.”
Jain while speaking to ET said that in the last fiscal year, the company had sold 2.7 million cases of beer and now aiming to increase their capacity by five times in the next 18 months. It says that they're trying to manufacture around 2 million cases per month.
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