Bira 91 secured 25 million USD from its existing investors, Kirin Holdings, from External Commercial Borrowing and $25 million from Tiger Pacific Capital in March. After this round, the startup has secured over $50 million in the past three months. The company filings stated that they had given Kirin Holdings the option to convert the ECB raised from the rounds into series D CCPS. We are disscusing about Craft beer manufacturer Bira 91 closed its $50 million round from Tiger Pacific and Kirin Holdings.
We are disscusing about Craft beer manufacturer Bira 91 closed its $50 million round from Tiger Pacific and Kirin Holdings:
The regulatory filing mentioned that the board members of Bira 91 approved the resolution to raise 25 million USD from external commercial borrowings from Kirin Holdings in two portions of 12.5 million USD each. After this round, Tiger Pacific acquired a 4 percent total stake in the startup at a pre-money valuation of 600 million USD. Entrackr mentioned that the craft beer manufacturing startup had raised around 12 million USD from non-convertible debentures in four months. Bira 91 has secured over $350 million to date, including $70 million raised during the series D round, led by Kirin Holdings in 2022.
The company is known for producing a variety of Beer variants, including Gold, Bira White, Bira Blonde, and Boom Super Strong, among others. The startup claims to offer services in over 1000 towns across 25 countries. Bira 91 owns around six beer manufacturing units in India. The startup data intelligence platform, The Kredible, mentioned that after the last fundraising round, Peak XV partners remain the largest external stakeholder of the startup with over 24.83 percent stake, followed by Kirin holdings with 12.25 percent.
The firm plans to use these fresh proceeds to expand its market and enhance its services. This craft beer manufacturing startup reported a 17 percent year-on-year growth in its scale in FY23, with a revenue of around Rs 850 crore. The company also faced a net loss of Rs 446 crore in its 2023 financial year. The startup is yet to disclose its report for this fiscal year.
Conclusion
Bira 91 has secured $50 million in USD funding and closed the round. In March, the company got funds from its existing investors, Kirin Holdings, via External Commercial Borrowing and $25 million from Tiger Pacific Capital. The board members approved the resolution to raise 25 million USD from external commercial borrowings from Kirin Holdings in two portions of 12.5 million USD each. After this round, Tiger Pacific acquired 4 percent of the total stake in the startup at a pre-money valuation of 600 million USD.
The startup offers a variety of Beer variants, including Gold, Bira White, Bira Blonde, and Boom Super Strong, among others. Bira 91 has secured over $350 million to date, including $70 million raised during the series D round, led by Kirin Holdings in 2022. This investment shows the trust of its investors in the market potential and business mode of the start-up. The startup intends to use this amount to scale up its in-house infrastructure, expand to the global and domestic markets, and advance its technology.
