Japan's Kirin invests $25M in craft beer brand Bira 91
Japan's Kirin Holdings is set to invest an additional $25 million in B9 Beverages, the company behind craft beer Bira 91 and pub chain Beer Cafe. This investment will be made through purchasing new shares, raising Kirin's stake in B9 Beverages beyond its current 20%. Another American investor is also close to investing $25 million for an additional stake, bringing the total fresh investments to $50 million at a pre-money valuation of $600 million.
Expansion plans and market growth
The latest funding marks B9 Beverages's third fundraising round in just over a year. The money will be used to expand breweries, increase the global retail presence, and grow Bira 91's Taproom pubs. India's beer market reached Rs. 41,407 crore in 2023 and is predicted to hit sales of Rs. 78,120 crore by 2032. B9 Beverages reported a revenue of Rs. 824 crore for the fiscal year ended March 2023, a 14.6% increase from Rs. 719 crore in FY22.
B9 Beverages's investors and competitors
B9 Beverages's investors include Sequoia Capital and Belgium's Sofina. Over the past 15 months, Kirin and Japan's MUFG Bank have separately invested $80 million in the company. Major competitors in the Indian beer market include Heineken-owned United Breweries, which sells Kingfisher; Carlsberg's Tuborg; and Ab InBev, which owns Budweiser, Hoegaarden, and Corona. In October 2022, B9 acquired Beer Cafe chain in an all-stock deal, making it a wholly-owned subsidiary, and brewery company Kamakhya Beer & Bottling in a share-swap deal.
