Indian brewer Bira 91 raises $10 million from Japan's MUFG Bank
09/03/2023 14:32
BENGALURU, March 9 (Reuters) - Indian craft beer maker
Bira 91 has raised $10 million from Japan's MUFG Bank, the
companies said in a statement on Thursday, as the New
Delhi-based brewer looks to ramp up production and tap rising
demand.
The investment comes more than three months after it secured
$70 million in a funding round led by Japanese beer maker Kirin
Holdings Co 2503.T .
Bira 91 holds a market share of 5% across key regions in
India, tripling its pre-COVID numbers, the statement said.
Craft beer sales are on the rise in the country as younger,
affluent consumers in big cities choose brands and pubs that
make lighter brews and promise fresher ingredients.
Bira 91 competes with brands such as Carlsberg CARLb.CO ,
Heineken HEIN.AS , AB InBev ABI.BR -owned Budweiser and local
giant Kingfisher UBBW.NS in India.
Bira did not disclose its valuation or MUFG's stake in the
company after the funding round.
"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," Yasuhide Hayashi, executive officer
at MUFG Bank, said in the statement.
(Reporting by Varun Vyas in Bengaluru; Editing by Devika
Syamnath)
((varunvyas.hebbalalu@thomsonreuters.com;))