Home-grown craft beer maker Bira 91 on Tuesday said it has raised USD 70 million (around Rs 571.56 crore) in a funding round, led by Japanese beer company Kirin Holdings.
Bira 91, which had last month announced the acquisition of alco-bev chain The Beer Café for an undisclosed amount, said the recent infusion will be deployed to strengthen its market share, expand production capacity and drive innovation.
"The funds will be deployed to expand production capacity by commissioning new breweries and expanding its existing facilities," a joint statement said.
The capital will also be utilised to increase Bira 91's distribution footprint in the domestic as well as international markets, it added.
Kirin Holdings Singapore Managing Director Hiromasa Honda said he believes that Bira 91 has the potential to premiumise Indian beer through innovation and a potential to break out internationally as a global brand.
"The partnership with Bira 91 could be a great model for accelerated success in emerging markets, by driving localised manufacturing and innovation combined with a focus on sustainability," Honda said.
Bira 91 recently announced its goal to become the country's first carbon-neutral beer company and has formed the B9-Kirin Center for sustainable growth at its New Delhi headquarters.
Technical and strategy experts from Kirin are helping Bira 91 on this.
Ankur Jain, CEO, and Founder of B9 Beverages, said, "As we look forward to drive strong growth in revenue, market share, and profitability over the next few decades, we are excited to deepen this long-term partnership further."
The company, launched in 2015, has a portfolio of 10 diverse flavours, along with many seasonal beers released in its tap rooms.