Indian beer maker Bira 91 raises $10 million to boost growth

Desi beer maker Bira 91 which has been enjoying considerable popularity in recent years, on Thursday, said it raised over Rs 80 crore ($10 million) from Japan's MUFG Bank Ltd. The company aims to use the fund for boosting production, ramp up the supply chain, and further innovation.

The company had raised $70 million in Series-D funding round, led by Japanese beer company Kirin Holdings Co, Bira 91 said in a statement.

MUFG Bank executive officer Yasuhide Hayashi said the Indian beer market is booming, aided by various factors, including changing consumer lifestyle, a growing preference for alcoholic beverage, and brand consciousness regarding imported and premium beers.

"With this partnership, we are eager to work with the Bira 91 team to further their growth story and enhance their footprint in India as well as across the globe," Hayashi said.

Bira 91 CEO Ankur Jain said the partnership with MUFG Bank can help Bira 91 tap into global pools of capital as it continues on its growth journey.

Currently, the company has five manufacturing facilities in the country. It has a presence across 550 towns and 18 countries worldwide.