Bira 91 a craft beer brand has raised $30 million in an equity funding round led by its existing investors, Sequoia India and Belgium-based investment firm Sofina.
The funding 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 company will 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 company established two new beer plants, one each in Andhra Pradesh and Karnataka. 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 a 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.
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