Bira 91, a craft beer brand manufactured by B9 Beverages Pvt. Ltd, has raised Rs 38.08 crore ($5 million) from its existing investors, Sequoia India and Belgium-based investment firm Sofina, according to a report by INC42.
The company, established in 2015, has reportedly raised the funding in two tranches this month, thereby offering a total of 6,34,740 preference shares at a face value of Rs 15 with a premium of Rs 585 per share worth Rs 38.08 crore, the report added.
Of the total amount raised in the current transaction, Sofina has reportedly put in Rs 22.84 crore on May 18, while Sequoia has invested as much as Rs 15.23 crore on May 15.
Bira 91 recently made headlines when it raised as much as $30 million from the two investors in April, with the participation of Mumbai-based consumer-focused venture capital fund, Sixth Sense Ventures, Korean private equity fund Neoplux, and certain family offices.
The funds raised will help the company expand its operations in the country and consolidate its leadership position in the premium beer market where it is said to enjoy over 20% market share.
The latest round comes in at a time when discussions over home delivery of alcohol are doing the rounds amidst the lockdown that has forced people to stay at home due to the COVID-19 scare.
Bira 91 is currently available in a slew of flavours and has a presence across cities such as Delhi-NCR, Mumbai, Goa, Kolkata, Bengaluru, Pune and Chandigarh.
It has two breweries in Andhra Pradesh and Karnataka.