[Funding alert] Bira 91 raises $30M led by Sequoia India and Sofina to fuel its growth
Delhi-based craft beer brand Sofina.on Saturday announced that it has raised $30 million in funding led by its existing investors - Sequoia India and Belgium-based investment firm
The new round also saw participation from Sixth Sense Ventures – a Mumbai-based consumer-focussed venture capital fund, Neoplux – a Korean private equity fund and several high reputation family offices. The new capital will be utilised to expand its India footprint and consolidate its leadership position in the premium beer market in India, the company said in a release.
Speaking on the investment, Ankur Jain, Founder and CEO, Bira 91 said,
“We continue to grow our business in both existing and new markets. Our shares in several markets are now higher than five percent of overall beer, and more than 20 percent share of premium beer. Along with Boom, our other new launches of Bira 91 IPA with Pomelo and the Malabar Stout have been well received. 2020 is a key inflection point for the company where we expect to reach double digit market shares in a number of states through the year.”
Ankur Jain, Founder and CEO, Bira 91
Last year, the firm commissioned two new breweries, one each in Andhra Pradesh and Karnataka, and quadrupled its production capacity. With the launch of Boom in several markets, the five-year-old company claims that it doubled its national market share in FY2020 to a little less than three percent of the overall beer market. It also expanded its presence to more than 400 cities in FY20, up from 50 in FY19.
Established in the summer of 2015 by B9 Beverages, Bira 91 consists of a team of over 500 people and has presence in ten countries and over 400 cities. Till date, it has received over $130 million in funding across several funding rounds since its inception.