Craft beer brand Bira 91 raises $10 million from Japan’s MUFG Bank

• Bira 91 will continue to ramp up its production, bolster supply chain and enhance innovation capabilities.
  
• The company raised $70 million in Series-D funding round, led by Japanese beer company Kirin Holdings Co.
  
• As the fourth-largest beer company in the country, Bira 91 holds a market share of 5% across key markets in India.

Indian craft beer brand Bira 91 said on Friday that it raised $10 million from Japan’s Mitsubishi UFJ Financial Group (MUFG) Bank. Bira 91 will use this investment to ramp up its production, bolster supply chain and enhance innovation capabilities.

“MUFG Bank consistently invested in the India growth story. The Indian beer market is booming, owing to factors such as changing lifestyles of consumers, a growing preference for the alcoholic beverage and rising brand consciousness regarding imported and premium beers,” said Yasuhide Hayashi, executive officer, MUFG Bank.

The investment comes after the company recently raised $70 million in Series-D funding round, led by Japanese beer company Kirin Holdings Co.

As the fourth-largest beer company in the country, Bira 91 holds a market share of 5% across key markets in India, tripling its pre-Covid numbers.

“We are truly excited to partner with MUFG Bank. As Japan’s largest bank with an extremely strong footprint, we believe that this partnership can help Bira 91 tap into global pools of capital as it continues on its growth journey,” says Ankur Jain, CEO, Bira 91.

With five manufacturing facilities in the country, Bira 91 holds a combined manufacturing footprint of about 2.5 million hectolitres (1 hectolitre = one hundred litres) along with a strong presence across 550 towns and 18 countries worldwide.

Craft beer refers to beer made from high quality ingredients and not brewed by a mega brewery corporation. The craft beer industry in India is still young and has a share of 2-3% in the Indian beer market. According to the All India Brewers Association it is expected to grow 20% y-oy, higher than the 5-7% growth in the overall beer market.

SEE ALSO:
How to read Instagram messages without being seen
Bengaluru accounts for four out of five layoffs by Indian companies in 2023