Brewery group Kirin has agreed to buy a stake in India-based beer producer Bira 91 for $30m, The Financial Times reported yesterday, citing people with direct knowledge of the talks.
The deal will provide Kirin with a stake in the company sized just below 10% and the investment will be made up of a 50/50 split of equity and debt financing, Bira 91 told the Economic Times.
Founded in 2015, Bira 91 produces a range of 25 craft beer brands with a focus on urban millennials. It has four breweries located in India and offices in nine cities including New York, in the United States.
A person with knowledge of the matter told the FT the deal will allow Bira 91 to leverage Kirin’s global network while also allowing Kirin to expand into India.
Bira 91 founder Ankur Jain currently holds about 30% of the company while venture capital firm Sequoia Capital India owns between 40% and 45% . It led a $6m series A round for Bira 91 in 2016 that included angel investors Rohit Bansal, Kunal Bahl, Ashish Dhawan and Deepinder Goyal.
Sequoia India invested approximately $8m in the company in 2017 before taking part in a $50m round led by investment group Sofina the following year. It added $4.3m from unnamed investors in a May 2019 pre-series C round.
In April 2020, Bira 91 raised $20m of bridge financing from Sequoia India and Sofina Group as part of a larger $30m pre-series C round that also featured Sixth Sense Ventures, Neoplux and a number of family offices. Its investors reportedly also include TR Capital and Anicut Capital.