B9 Beverages Pvt. Ltd, the maker of Bira 91 brand of craft beer, has raised US$ 30 million in funding led by its existing investors, Sequoia India and Belgium-based investment firm Sofina.
Mumbai-based consumer-focused venture capital fund, Sixth Sense Ventures, Korean private equity fund Neoplux, and certain family offices also participated in the round, the company said in a statement.
These new funds will be used to further expand its India footprint and consolidate its leadership position in the premium beer market in India.
In 2019, the firm commissioned two new breweries, one each in Andhra Pradesh and Karnataka, and quadrupled its production capacity. The company achieved market share near to 3 per cent of the overall beer market with the launch of Boom, its latest mass market beer brand. The company has 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 per cent of overall beer and more than 20 per cent share of premium beer market," said Mr 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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