In order to increase production and meet growing demand, the New Delhi-based brewer Bira 91 has raised $10 million from Japan's MUFG Bank, according to a joint announcement from the two firms.
More than three months have passed since the company received $70 million in a funding round that was led by the Japanese brewer Kirin Holdings Inc.In important Indian locations, Bira 91 has a 5% market share, double its pre-COVID statistics, according to sources
Sales of craft beer are increasing nationwide as young, wealthy consumers in major cities prefer brands and establishments that provide lighter brews and promise fresher ingredients.In India, Bira 91 faces out against brands like Carlsberg, Heineken, Budweiser owned by AB InBev, and the regional behemoth Kingfisher.
Following the funding round, Bira did not reveal its valuation or MUFG's ownership share in the business.
"The Indian beer market is booming, owing to factors such as changing lifestyle of consumers, a growing preference for the alcoholic beverage and rising brand consciousness regarding imported and premium beers," Yasuhide Hayashi, executive officer at MUFG Bank, said in the statement.
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