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India: Bira 91 raises $25 mln to expand manufacturing footprint
B9 Beverages Ltd, brewer Bira 91's parent company, on March 6 said it is raising $25 million in new funding from Tiger Pacific Capital, an Asia-focused fund headquartered in New York and Hong Kong, Business Insider India reported.
The new investment is part of a $50 million round raised by the company, with participation from its existing investor, Kirin Holdings of Japan, and Tiger Pacific Capital from New York, it said in a statement.
"As Bira 91 takes next steps to drive growth across markets and strengthen its supply chain, this new partnership will strengthen the company's balance sheet considerably," said Ankur Jain, Founder and CEO, Bira 91.
With this capital, "we will expand our manufacturing footprint to new regions, including Uttar Pradesh," he added.
The company has six large-scale manufacturing plants in the country.
Bira 91 is now the fourth largest beer company in India, behind only multinationals like Heineken, AB InBev and Carlsberg, and has experienced strong double-digit growth since its inception 9 years ago.
The company also owns the country's largest beer-focused pub chain, The Beer Cafe.
"We are excited to partner with emerging companies in India, especially brands like Bira 91 with a unique understanding of the new Indian consumer, and a strong local manufacturing footprint," said Run Ye, Founder of Tiger Pacific Capital.
Founded in 2015, B9 Beverages is backed by leading investors including Japan's leading beer company, Kirin Holdings, Japan's largest bank, MUFG Bank, Sofina of Belgium, and Peak XV Partners (formerly Sequoia India).
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