Bira 91, craft beer brand, is about to raise a fund of $25 million or Rs 160 crore through a funding round driven by private equity major TPG Growth.
Birs 91 and its rivals
Once the funding round is complete, the company will emerged as a rare bet on alcoholic beverage by investor in Indian marketplace. It competes with other rivals in this arena such as Kingfisher Ultra and Budweiser and it is generally dispersed crosswise over eateries and bars crosswise over metros and other huge urban areas.
Funds raised by B9 beverages
B9 Beverages, two-year-old beer startup, supported by Bira 91, has raised $22 million till now from Sequoia Capital and a group of angel investors. The Indian brewer is hoping to extend its dissemination, improve its offerings and tap the universal markets after getting fund.
Founder’s doesn’t comment anything
Ankur Jain and Vish Narain founder of Bira 91 didn’t make any statement whereas an anonymous source said that, “The due diligence process is currently ongoing and the deal is likely to be announced soon”.
About Bira 91
In 2016, the startup has established its office in Indore and begun the production process locally. Now it affirms that it is delivering 200000 cases per month which shows the four times growth in comparison with previous years.
Supply side issues of Bira 91
The company used to contract it’s manufacturing process earlier across several breweries including Belgium. With the commencement of Nagpur facility, the company is handling all its manufacturing process in India. This step would help the company in addressing the supply side issue it had faced since early times.
It introduces cans as well
Currently it has compelled a new variants and put forth cans in marketplace to enhance its offerings. The superior lager brands like Budweiser and Kingfisher Ultra make an account of selling of 16 million cases in a general 315 million cases of strong local beer in onshore market. As per ISWR which reviews market intelligence and data of brewer drink markets globally, Kingfisher Ultra offers 2.3 million cases and Budweiser offers 4.9 million in sales.
About TPG growth
This investment marks TPG’s maiden entry in to the alco bev market.TPG was established in 2007, as a part of TPG capital which is itself a global largest private equity funds having assets more than $70 billion under management. It was founded to spend significant time in middle-market buyout and growth equity opportunities.
Other investments of TPG growth
With an emphasis on the shopper area, TPG Growth has sponsored the Bengaluru-based Rhea Healthcare, likes of eyewear e-tailer Lenskart and more.
Other angel investors supporting the BIra 91
Bira 91 has a string of prominent angels supporting it like Zomato’s Deepinder Goyal , Snapdeal authors Rohit Bansal and Kunal Bahl, Ashish Dhawan who is co-founder at ChrysCapital, most successful homegrown private equity funds.