Monday, December 11, 2023

Bira 91 raises $10 million from Japan’s MUFG Bank

Indian craft beer maker Bira 91 has raised $10 million from Japan’s MUFG Financial institution, the businesses mentioned in an announcement on Thursday, because the New Delhi-based brewer appears to ramp up manufacturing and faucet rising demand.

The funding comes greater than three months after it secured $70 million in a funding spherical led by Japanese beer maker Kirin Holdings Co.

Bira 91 holds a market share of 5% throughout key areas in India, tripling its pre-COVID numbers, the assertion mentioned.

Craft beer gross sales are on the rise within the nation as youthful, prosperous customers in large cities select manufacturers and pubs that make lighter brews and promise more energizing components.

Bira 91 competes with manufacturers equivalent to Carlsberg, Heineken, AB InBev -owned Budweiser and native big Kingfisher in India.

Bira didn’t disclose its valuation or MUFG’s stake within the firm after the funding spherical.

“The Indian beer market is booming, owing to elements equivalent to altering life-style of customers, a rising choice for the alcoholic beverage and rising model consciousness concerning imported and premium beers,” Yasuhide Hayashi, govt officer at MUFG Financial institution, mentioned within the assertion.

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