Back News / Bira 91 secures $4.3M funding from Sixth Sense Ventures
Bira 91 secures $4.3M funding from Sixth Sense Ventures
May 31, 2019Bira 91 had forayed into mass beer market with the launch of a sub-brand Boom in April this year.
B9 Beverages, owner of craft beer company Bira 91, has raised $4.3 million in fresh funding from Sixth Sense Ventures as part of its Pre-Series C round, at an estimated post-money valuation of $246 million.
Sixth Sense Ventures was allotted five lakh Pre-Series C preference shares for Rs 30 crore, according to documents filed with regulators, sourced from business intelligence platform Paper.vc.
Bira 91 has raised $74 million in funding so far from angel investors including Bollywood bigwigs Farhan and Zoya Akhtar, Ritesh Sidhwani, as well as prominent names in the tech sector such as Flipkart chief executive Kalyan Krishnamurthy.
According to Paper.vc, Bira 91 has continued to raise capital from high net worth individuals despite bringing onboard institutional investors, unlike most other startups.
Sequoia Capital is the largest institutional investor in the company. Brussels-based investment firm Sofina had led its $50 million Series B funding in May last year.
In April, Bira 91 forayed into the mass beer market with the launch of a sub-brand Boom, currently available in Maharashtra, Karnataka, Madhya Pradesh, Haryana, Uttar Pradesh, and West Bengal.
The company expects to expand its production footprint five-fold to 2,000,000 barrels before the summer of 2019, from its current capacity of 350,000 barrels.