B9 Beverages, which owns and sells craft beer model Bira 91, has raised $20 million (about Rs 153 crore) in bridge financing from two of its present investors– Sequoia Capital India and Belgium’s Sofina.The capital elevate can be a part of B9 Beverages’ bigger $30 million pre-Series C fairness financing spherical, the proceeds of that are earmarked for enterprise growth in India with a deal with rising market share within the premium beer phase. Including this spherical, the corporate has now raised $130 million in funding.
In 2019, the 5-12 months-previous, New Delhi-headquartered Bira had commissioned two new breweries–in Andhra Pradesh and Karnataka—in a bid to quadruple manufacturing capability. The firm now operates 4 breweries in India and has a presence in 400 cities throughout 10 nations.
“We continue to grow our business in both existing and new markets. Our market shares in several markets are now higher than 5% of overall beer, and more than 20% share of premium beer,” mentioned Ankur Jain, chief govt of B9 Beverages.
The firm had entered the mass market beer phase in February final 12 months with its product Boom. “2020 is a key inflection point for the company where we expect to reach double-digit market share in a number of states through the year,” Jain mentioned.The pre-Series C spherical kicked off in May final 12 months after Bira introduced on board shopper-centered funding agency Sixth Sense Ventures, which invested an estimated Rs 30 crore on the time.
Bira competes with the likes of worldwide drinks giants Anheuser-Busch InBev, Carlsberg and United Breweries, amongst others.
Additionally, the spherical has additionally seen participation from Korean personal fairness fund Neoplux and a number of household workplaces, whose names haven’t been disclosed.
Sofina, which has earlier backed Flipkart, Byju’s and Hector Beverages–the maker of ethnic drinks model Paper Boat–first invested in Bira in 2018, information of which was damaged by ET.
Separately, marquee enterprise capital agency Sequoia Capital, certainly one of India’s most lively funding corporations, has been an early backer of the corporate, having first invested in 2016.
The growth comes at a time when sale of alcohol in India has stopped as a result of nationwide lockdown imposed by the federal government to cease the unfold of coronavirus an infection.
The Confederation of Indian Alcoholic Beverage Companies has urged states to impress upon the Centre about an pressing have to restart sale of liquor in non-Covid zones, in keeping with information company PTI.
Pointing out that states have already misplaced about Rs 20,000 crore in liquor income as a result of lockdown, the apex physique of the Indian alcoholic beverage trade has urged the Centre in addition to the states to permit opening of liquor outlets, apart from contemplating on-line gross sales to verify overcrowding at shops.