B9 Beverages, the markers of beer label Bira 91, has announced that it has secured $50 million funding in a new funding round from Belgian investment firm Sofina. The funding round also witnessed the participation of its existing investor Sequoia Capital.
With this new funding round, the total amount of investment raised by the company since its inception has now reached $100 million. The company will use the newly infused capital to expand its footprint in India and key global markets, including the US and the Asia Pacific. The company is now looking to expand Bira 91’s India business five folds over the next three years and establish a leadership position in the Indian premium beer market.
For the company’s expansion plans in the US, it will further penetrate into Northeast regions like New York City, Philadelphia, Boston, New Jersey, Connecticut and Rhode Island. The company’s plans for Asia Pacific region include entering Thailand, Hong Kong, Vietnam and Singapore markets.
Maxence Tombeur, Head of Asia at Sofina, said,
Bira91 is building a leading brand on the underserved premium beer segment by offering a range of high quality and flavourful recipes. With our Belgian roots and experience in investing in consumer businesses, we believe there is a great chemistry between our organisations and are proud to back Ankur Jain and his team.
According to a report, the global craft beer market is expected to reach over $502 billion by 2025, and the market is expected to witness substantial growth over the same period due to the rising demand for low alcohol by volume and flavoured beer.
Based out of New Delhi, Bira 91 has scaled significantly since inception. The company claims to have sold three million cases over 2016-17. Last fiscal, the company reportedly generated revenues of over $100 million in its third year of operations.
Sofina is a family-controlled investment fund based out of Belgium and is known for making selective and long-term investments globally. The firm has accumulated experience by investing in consumer goods and brands over the last decades. The firm’s investments in India include Byju, Flipkart and, prior to Bira 91, Hector Beverages, maker of Paper Boat.