India’s craft brewer Bira 91 is reportedly in advanced discussions to secure $132 million USD in fresh capital
A New York–based alternative investment firm Global Emerging Markets is understood to be among the prospective investors in what would be the Indian brewery’s largest round to date.
The proposed injection would consist of $50 million USD in equity and roughly $82 million USD in structured credit, though GEM’s prospective equity stake remains undisclosed.
CEO Ankur Jain confirmed to Reuters that Bira has received “term sheets for substantial investments in the form of structured debt and equity,” but declined to provide further details on parties or quantum.
This development comes at a delicate juncture for Bira, with Asia Brewers Network previously reporting on mounting internal stress within the brewery, including employee grievances over unpaid salaries, delayed reimbursements, and abrupt transfers following restructuring efforts. These pressures have compounded a broader liquidity crunch and disrupted operations.
We had also reportedly on B9 Beverages (Bira’s parent) raise of $10.2 million USD via a heavily discounted rights issue in an effort to shore up working capital while cost-cutting and reorganising its manufacturing base. That fundraising move underscored the near-term strain the company faces.
Launched in 2015, Bira has managed to build valuable brand presence within India’s urban beer culture. Yet its footprint remains modest: its share in the national beer market is still under 5 percent, in a landscape dominated by giants such as AB InBev, Carlsberg, and Heineken.
The brewer’s challenges extend beyond branding and distribution. In 2023, Bira’s re-registration from B9 Beverages Private Ltd to B9 Beverages Ltd triggered a costly relabelling process due to varied state-level rules.
Management estimates the disruption caused losses totalling around ₹800 million INR (approximately $9 to 10 million USD).
Jain says any new capital will be channelled mainly to working capital and settling past dues, with ongoing priorities including realigning the company’s sales and supply-chain operations.
To date, Bira has raised about $210 million USD, with peak valuations reaching $450 million USD two years ago. Among its existing investors are Japan’s Kirin Holdings and early-stage fund Peak XV.
In 2022, Bira also acquired The Beer Café chain, a move aimed at securing direct access to bars and restaurants: a strategic hedge in a market where distribution remains fragmented and state regulation is strict.
India’s beer sector continues to operate under heavy regulatory constraints, with internal excise duties, advertising restrictions, licensing challenges, and a plethora of state-specific rules all limit scale and flexibility.
If the reported funding round succeeds, it will offer Bira a breathing space to stabilize operations and reset growth plans. The brewer’s ability to regain internal trust, meet debts, and scale reliably in a tough regulatory regime will prove an equally challening test.
