Bira 91 raises $10 million in funding from MUFG Bank

10 Mar 2023 , 10:17 AM

Bira 91, an Indian craft beer maker, has raised $10 million from Japan’s MUFG Bank, said the companies on Thursday. The fund raise comes at a time when the New Delhi-based brewer looks to ramp up production and capitalize on rising demand.

The company secured the new investment within a three months gap from its previous funding round of $70 million, led by Japanese beer maker Kirin Holdings.

Bira 91 has a market share of 5% in key Indian regions, more than thrice of its pre-covid levels.

Craft beer sales are increasing across the country as younger, more affluent consumers in big cities prefer brands and pubs that make lighter brews with fresher ingredients.

Bira 91 competes in India with Carlsberg, Heineken, AB InBev-owned Budweiser, and local behemoth Kingfisher.

After the funding round, Bira 91 did not disclose its valuation or MUFG’s stake in the company.

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