Back News / Bira 91 raises $30 million from Japan’s Kirin Holdings
Bira 91 raises $30 million from Japan’s Kirin HoldingsJanuary 5, 2020
Bira 91 raises $30 million from Japan’s Kirin Holdings
Mumbai: Sequoia-backed craft beer maker Bira 91 has raised $30 million from Japanese integrated beverages company Kirin Holdings, its first investment in India. Kirin will hold less than 10% stake in Bira 91 following the transaction. Sources said Bira 91 is being valued at around $300 million.
“Kirin Holding of Japan is investing $30 million with a 50:50 split between equity and debt,” Bira 91 said. Sequoia is believed to be holding about 45% stake in Bira 91 while founder Ankur Jain owns around 30%. The rest is held by clutch of other investors.
In May last year, after the business took a severe hit due to the Covid-19 pandemic induced lockdown, the company raised $5 million from existing investors Sequoia Capital and Sofina.
The company, founded in 2015, has around 10% market share in the Mumbai, Delhi and Bengaluru markets. “Bira 91 will infuse these funds in business expansion and maintain working capital,” the company said.
Prior to that in April, the company raised $30 million from the two investors with participation from Mumbai-based consumer-focused venture capital fund, Sixth Sense Ventures, South Korean private equity fund Neoplux, and certain family offices.