Bira 91 raises $70 million in funding

23 Nov 2022 , 06:55 AM

In order to increase production in response to high demand for the alcoholic beverage, the Indian craft beer producer Bira 91 has raised $70 million in a funding round that was led by the Japanese brewer Kirin Holdings Co. Ltd.

In India’s projected $5 billion beer market, Bira faces off against names like Carlsberg and United Breweries, which is owned by Heineken.

Sales of craft beer are increasing in India as young, wealthy consumers choose brands and bars that serve lighter brews and guarantee fresher ingredients.

Bira said it will use the money to create new breweries and expand existing facilities, expanding its footprint, which already includes 550 towns in 18 countries. Bira did not disclose its valuation or Kirin’s interest in the company after the investment round. According to Reuters, Kirin, which first invested $30 million in Bira for a less than 10% share last year, was planning to invest further money for a roughly 15% ownership at an equity valuation of $450 million