It announced on Friday that it raised $10 million from Japan’s Mitsubishi UFJ Financial Group (MUFG) Bank. Bira 91 plans to use the funds to ramp up production, enhance supply chain, and enhance innovation, raised $10 million from Japan’s Mitsubishi UFJ Financial Group (MUFG) Bank.
“MUFG Bank has consistently invested in the Indian economy. Due to factors such as changing lifestyles, a growing preference for alcoholic beverages and increased brand awareness regarding imported and premium beers, the Indian beer market is booming,” said MUFG Bank executive officer Yasuhide Hayashi.
A recent Series-D funding round led by Japanese beer company Kirin Holdings Co. raised $70 million for the company.
Bira 91 holds a 5% market share across key markets in India, three times what it held before Covid.
Our partnership with MUFG Bank will allow Bira 91 to tap into global pools of capital as it continues on its growth path, says Ankur Jain, CEO of Bira 91.
With five manufacturing facilities in the country, Bira 91 has a combined manufacturing footprint of about 2.5 million hectolitres (1 hectolitre = 100 litres) as well as a strong presence in 550 towns and 18 countries.
Craft beer refers to beer made from high quality ingredients and not brewed by a mega brewery corporation. The craft beer industry is still relatively young in India, accounting for 2-3% of the Indian beer market. The market is expected to grow 20% y-oy, higher than the 5-7% growth in overall beer sales, according to the All India Brewers Association.