Craft beer maker Bira 91 has successfully raised $50 million in funding over the past three months, with $25 million secured via external commercial borrowing (ECB) from existing investor Kirin Holdings and another $25 million raised from Tiger Pacific Capital in March.
According to regulatory filings from the Registrar of Companies, the board of Bira 91 approved a resolution to raise $25 million from Kirin Holdings in two tranches of $12.5 million each. The agreement also provides Kirin Holdings with the option to convert the borrowed amount into Series D CCPS (Compulsorily Convertible Preference Shares).
In March, Tiger Pacific Capital acquired a 4% stake in Bira 91, valuing the company at approximately $600 million pre-money. Additionally, Bira 91 has raised nearly Rs 100 crore ($12 million) through non-convertible debentures over the past four months.
Since its inception, Bira 91 has raised approximately $350 million, including a $70 million Series D round led by Kirin Holdings in November 2022. Peak XV (formerly Sequoia Capital) remains the largest external stakeholder with a 24.83% stake, followed by Kirin Holdings at 21.25%.
Bira 91 produces a diverse range of beer variants, including Bira White, Gold, Bira Blonde, and Boom Super Strong. The company operates in more than 1,000 towns across 25 countries and brews its beer at six manufacturing units in India.
While the company has not yet disclosed its financial results for the last fiscal year, it achieved a 17% year-on-year growth in FY23, with revenues approaching Rs 850 crore. However, the company also reported a loss of Rs 446 crore for the fiscal year ending March 2023.
