Indian craft brewer Bira91 raises $10 million from MUFG Bank

BENGALURU Indian craft beer maker Bira 91 raised $10 million from Japan's MUFG Bank, the companies said on Thursday. The new Delhi-based brewer is looking to ramp up production and tap rising demand.

The investment came more than three months after it secured $70 million in a funding round led by Japanese beer maker Kirin Holdings Co.

Bira 91 holds a market share of 5 per cent across key regions in India, tripled its pre-COVID numbers, the statement said.

Craft beer sales are on the rise in the country as younger consumers in big cities choose brands and pubs that make lighter brews and promise fresher ingredients.

Bira 91 competes with brands such as Carlsberg, Heineken, AB InBev owned Budweiser and local giant Kingfisher in India.

After the funding round, Bira did not reveal its stake in the company.

The Indian beer market is booming due to factors such as changing lifestyle of consumers, increasing preference for the alcoholic beverage and rising brand consciousness regarding imported and premium beers, said Yasuhide Hayashi, executive officer at MUFG Bank.