B9 Beverages Pvt. Ltd, the maker of Bira 91 brand of craft beer, on Saturday said that it has raised $30 million in funding led by its existing investors, Sequoia India and Belgium-based investment firm Sofina.
The equity financing round also saw participation from Mumbai-based consumer-focused venture capital fund, Sixth Sense Ventures, Korean private equity fund Neoplux, and certain family offices, the company said in a statement.
The alcoholic beverage maker plans to use the latest funds to further expand its India footprint and consolidate its leadership position in the premium beer market in India.
Last year, the firm commissioned two new breweries, one each in Andhra Pradesh and Karnataka, and quadrupled its production capacity. With the launch of Boom, its latest mass market beer brand, the company achieved a market share close to 3% of the overall beer market, along with presence in over 400 cities, as of fiscal year ended 31 March 2020.
“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 market,” said Ankur Jain, chief executive at the firm.
“Along with Boom, our other new launches of Bira 91 IPA with Pomelo and the Malabar Stout have been well received. 2020 is a key inflection point for the company where we expect to reach double digit market shares in a number of states through the year,” he added.
