
Bira 91, the renowned craft beer maker founded by Ankur Jain in 2015, has secured $25 million in funding through External Commercial Borrowing (ECB) from Kirin Holdings, an existing investor. This investment concludes a $50 million funding round pursued over the last three months. Earlier, Tiger Pacific Capital had invested $25 million in March.
The board of Bira has approved raising $25 million via ECB from Kirin Holdings in two installments of $12.5 million each, as reported by Entrackr citing regulatory filings. Kirin Holdings retains the option to convert this ECB into Series D Compulsorily Convertible Preference Shares (CCPS) later, providing flexibility while ensuring immediate capital for Bira 91.
Combining Kirin Holdings' recent $25 million investment with Tiger Pacific Capital's earlier contribution, Bira 91 has amassed $50 million in the past three months. This funding round values the company at approximately $625 million, based on Tiger Pacific Capital's latest investment. Bira 91 has accumulated around $350 million in total funding to date, including a significant $70 million Series D round led by Kirin Holdings in November 2022.
Known for its diverse beer offerings like Bira White, Gold, Bira Blonde, and Boom Super Strong, Bira 91 operates six manufacturing units in India and reaches over 1,000 towns across 25 countries. Despite reporting a 17% year-on-year growth in scale with revenues nearing Rs 850 crore in FY23, the company faced financial challenges, recording a loss of Rs 446 crore for the fiscal year ending March 2023. Comparatively, Bira 91's revenue increased by 14% from Rs 719 crore in FY22, while its losses widened by 12% from Rs 396 crore in FY22 to Rs 445 crore in FY23.
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