Japan's Largest Bank Backs India's Bira 91
The fresh investment in the alcohol-beverage company comes after it raised $70 million in Series D funding in November.
B9 Beverages Pvt., the owner of homegrown bottled beer label Bira 91, has raised about Rs 82 crore ($10 million) from Japan's largest bank, MUFG Bank Ltd.
The fresh investment in the alcohol company comes after it raised $70 million in Series D funding in November, which was led by Japanese beer company Kirin Holdings Co.
"With this investment, Bira 91 will continue to ramp up its production, bolster supply chain, and enhance innovation capabilities," the company said in a press release.
"The Indian beer market is booming, owing to factors such as changing lifestyle of consumers, a growing preference for the alcoholic beverage, and rising brand consciousness regarding imported and premium beers... With this partnership, we are eager to work with the Bira 91 team to further their growth story and enhance their footprint in India as well as across the globe," said Yasuhide Hayashi, Executive Officer at MUFG Bank.
Bira 91 claims to be the fourth-largest beer company in India, with a market share of 5% across key markets. It has five manufacturing facilities in the country.
In October, Bira 91 also acquired popular alcohol-beverage chain The Beer Café for an undisclosed amount. Its existing investors include Sequoia Capital India and Belgium's Sofina.