![#](www.e-malt.com/images/left_top_corner16x200.gif) | E-Malt.com News article: India & Japan: Craft beer maker Bira 91 raises $25 mln from investor Kirin Holdings![Brewery news](https://e-malt.com/Images/BeerBullet2.gif)
Craft beer maker Bira 91 has raised $25 million in funding through External Commercial Borrowing (ECB) from its existing investor Kirin Holdings, Indian Startup News reported on June 18.
The funding marks the conclusion of a larger $50 million round that the company has been pursuing over the past three months. The latest tranche follows a previous $25 million investment from Tiger Pacific Capital in March.
The board at Bira has passed a resolution to raise $25 million via ECB (external commercial borrowings) from Kirin Holdings in two tranches of $12.5 million each, Entrackr reported citing the regulatory filing accessed from the Registrar of Companies.
Kirin Holdings has the option to convert this ECB into Series D Compulsorily Convertible Preference Shares (CCPS) at a later date. This structure offers flexibility for Kirin Holdings while providing immediate capital for Bira 91.
The recent $25 million investment by Kirin Holdings, combined with the earlier $25 million from Tiger Pacific Capital, brings Bira 91's total funds raised in the past three months to $50 million.
This infusion values the company at approximately $625 million, based on the latest investment from Tiger Pacific Capital. Bira 91 has now amassed around $350 million in total funding to date, which includes a significant $70 million Series D round led by Kirin Holdings in November 2022.
Bira 91, founded by Ankur Jain in 2015, has established itself as a prominent craft beer brand in India. The company offers a variety of beer products, including Bira White, Gold, Bira Blonde, and Boom Super Strong. Bira 91 operates six manufacturing units in India and has a presence in over 1,000 towns across 25 countries.
The brand is known for its modern, flavorful beers and aims to cater to a global market with its unique offerings.
Bira 91 reported a 17% year-on-year growth in scale during FY23, with revenues nearing Rs 850 crore. Despite this growth, the company faced financial challenges, incurring a loss of Rs 446 crore for the fiscal year ending in March 2023.
In comparison, Bira 91's revenue for FY22 was Rs 719 crore, indicating a 14% increase. However, its losses widened by 12% from Rs 396 crore in FY22 to Rs 445 crore in FY23.
19 June, 2024
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