Homegrown beer maker Bira 91 on Thursday said it has raised USD 10 million (over Rs 80 crore) from Japan’s MUFG Bank Ltd to aid ramping up of production, bolster supply chain and enhance innovation.
The investment comes after the company recently raised USD 70 million in Series-D funding round, led by Japanese beer company Kirin Holdings Co, Bira 91 said in a statement. On its investment in the Indian brewer, MUFG Bank Executive Officer Yasuhide Hayashi said the Indian beer market is booming, fuelled by factors such as changing consumer lifestyle, a growing preference for the alcoholic beverage and brand consciousness regarding imported and premium beers.
“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,” Hayashi added. Bira 91 CEO Ankur Jain said the partnership with Japan’s largest bank MUFG Bank can help Bira 91 tap into global pools of capital as it continues on its growth journey. Currently, the company has five manufacturing facilities in India. It has a presence across 550 towns and 18 countries worldwide.
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