Beer producer Bira 91 raised $50 M from Kirin Holdings and Tiger Pacific
With the help of its current investor Kirin Holdings, craft beer maker Bira 91 has raised $25 million through ECB (External Commercial Borrowing). In the last three months, the company has raised $50 million due to this infusion. In March, Tiger Pacific Capital contributed $25 million to it.
As per the regulatory filing that can be accessed from the Registrar of Companies, Bira’s board has decided to raise $25 million through external commercial borrowings, or ECBs, from Kirin Holdings in two installments of $12.5 million each.
As per the filed documents, Bira91 has granted Kirin Holdings the authority to transform the ECB that was raised above into Series D CCPS.
Bira 91 was reportedly valued at $600 million before money, and Tiger Pacific reportedly purchased a 4% stake in the company.
According to media sources, Bira 91 has raised approximately Rs 100 crore ($12 million) through non-convertible debentures over the past four months.
Up until November 2022, Bira 91 had raised about $350 million, which included a $70 million Series D round led by the Japanese integrated beverage company Kirin Holdings. The media reported that as of the company’s most recent equity fundraising, Peak XV (previously Sequoia Capital) held 24.83% of the company’s equity, followed by Kirin Holdings with 21.25%.
A variety of beer varieties are produced by Bira 91, including Gold, Bira Blonde, Boom Super Strong, and Bira White. Six manufacturing facilities in India are used by the company to brew its beer, and it operates in over 1,000 towns across 25 countries.
Although the business has not yet released its most recent financial statements, Bira 91 increased its scale by 17% in FY23 and brought in almost Rs 850 crore in revenue. In the fiscal year that ended in March 2023, it also suffered a loss of Rs 446 crore.
