Indian brewery Bira 91 have announced a $10 million capital investment from MUFG Bank, Ltd., just a few months after they secured $70 million in a late-November 2022 Series-D funding round, led by Japanese beer company Kirin Holdings Co.
MUFG Bank, Ltd. is Japan’s largest bank and number six globally according to S&P Global Market Intelligence.
According to Bira 91, this investment highlights MUFG Bank’s strong belief in their growth potential, evidenced by the tripling of its market share from pre-COVID levels and the earlier Series-D funding round.
The funds will be utilized by Bira 91 to ramp up production, bolster the supply chain, and enhance innovation capabilities, enabling the company to continue driving their ambitions in bringing flavorful beers to the new world and expand beyond their portfolio of award-winning beers, put into motion with their launches of ‘Hill Station’ Hard Cider Ale and ‘Grizly’ Hard Seltzer Ale.
Yasuhide Hayashi, Executive Officer of MUFG Bank, commented that, “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. We are excited to support the company’s Made in India growth story as it expands its manufacturing footprint in the country.”
Ankur Jain, CEO of Bira 91, remarked that, “We are truly excited to partner with MUFG Bank. As Japan’s largest bank with an extremely strong footprint, we believe that this partnership can help Bira 91 tap into global pools of capital as it continues on its growth journey.”
With five manufacturing facilities in the country and a combined manufacturing footprint of about 2.5 million hectolitres, Bira 91 holds a market share of 5% across key markets in India, as well as a strong presence across 550 towns and 18 countries worldwide. The company’s continued expansion highlights the immense growth potential of the Indian beer market, which is expected to grow rapidly in the coming years.