Chhavideep Singh
Source: Thareja
World-class craft beer manufacturer, B9 Beverages Private Ltd.’s wildly popular Bira 91 is one of the most liked beers in all of India. The modern beer brand aims to provide flavourful beers to the new age world and with a strong portfolio, it drives the global shift in beer towards more playful, colourful and flavoured beverages.
Recently, the brand has received INR 9.3 crore in funding from multiple angel investors including Nishant Mittal, Pankaj Chaddah and Shikha Sunil Chandak. This funding was received after the company received USD 20 million in a bridge funding round from lead investors- Sequoia Capital India and Belgium-based investment company, Sofina.
According to a report by Entrackr,
- Sanjeev Singh invested INR 2 crore.
- Majithia Family office invested INR 1.45 crore.
- Vineeta Gupta invested INR 1 crore.
- Suprati Private Ltd. invested INR 1 crore.
- Chandak invested INR 1.04 crore.
- Naveen Sangari invested INR 1 crore.
- Kais Holding invested INR 71.52 lakh.
Sources have reported that this latest infusion of funding has been received at a very crucial point for the craft beer brand, as Bira 91 intends to dive into non-alcoholic beverage sector.
Another major investment of INR 75 lakh has been made by Pankaj Chaddah- co-founder of Zomato and mental wellness service, Mindhouse.
Nishant Mittal invested INR 34 lakh, according to regulatory filings accessed exclusively by Entrackr.
The regulatory filings also mention that consistent yearly participant and also lead investor of Bira 91, Sequoia Capital India remains the largest stakeholder in the brand with a stake worth 42.19%.
According to CrunchBase, Ankur Jain led Bira 91 also raised INR 11.5 crore, last month in similar funding round from multiple angel investors.
The unfortunate COVID-19 pandemic has shown its effect on beer sales as well; with bars and cafés closed because of the nation-wide lockdown, the sale figures that would cross 60% of the entire business during the summer season could no do that this year.
Furthermore, because of this business hit, the previous plans of the company to introduce new flavoured beers into the market have changed and now Ankur Jain has decided to turn his head towards non-alcohol-based beverages market. The company eyes at making juices, carbonated drinks, sports drinks, energy drinks, sparkling water etc.
Bira 91 is all set to step foot out of its core beer business.
The word Bira is derived from the Punjabi term for ‘brother’ and the quirky monkey logo has a symbolic meaning that the beer targets new age millennials as their consumers. Apart from beer, the company also launched a bunch of merchandising products such as glasses, mugs, apparel, ice-buckets etc.