B9 Beverages, the parent company of craft beer brand Bira 91 and restaurant chain The Beer Cafe, has successfully raised $25 million through external commercial borrowing (ECB) from Kirin Holdings, marking the completion of a $50 million fundraising round.
Bira 91 was established in 2015 by Ankur Jain. The funding round, initiated earlier this year, saw Bira91 secure $25 million in March from Tiger Pacific Capital, which acquired approximately 4% of the company, valuing it at approximately $625 million.
Kirin Holdings, an existing investor in B9 Beverages, opted to provide the ECB in two tranches of $12.5 million each, according to regulatory filings. Additionally, Kirin Holdings has the option to convert these ECBs into Series D Compulsorily Convertible Preference Shares (CCPS) at a later date, as disclosed by sources from TheKredible.
B9 Beverages, headquartered in Delhi, has raised over $450 million from investors including Peak XV, Sixth Sense Ventures, and others to date. The company reported a revenue of Rs 824 crore for FY23, reflecting a 14% increase from Rs 719 crore in FY22. However, during the same period, Bira 91’s losses widened by 12%, increasing from Rs 396 crore to Rs 445 crore.
The funds raised will support Bira 91’s expansion initiatives and enhance its market presence amidst competitive pressures in the craft beer industry. The company operates across multiple markets, serving a diverse range of beer variants through a network of manufacturing units and distribution channels.