Bira 91 parent secures $25 million from Kirin Holdings to close $50-million round

Kirin Holdings also has the option to convert its ECBs into Series D Compulsorily Convertible Preference Shares (CCPS) at a later date, regulatory filings showed. (Image source: X)

B9 Beverages, the company that runs beer company Bira 91 and restaurant chain The Beer Cafe, has secured $25 million via external commercial borrowing (ECB) from Kirin Holdings, an existing investor. The total amount from this fundraise will be broken in two tranches, of $12.5 million each, over a period of time, regulatory filings showed.

With fresh funds in its kitty, Bira91 has now closed its larger round that was kicked off earlier this year. In total, the company has raised $50 million ($25 million in June from Kirin Holdings and $25 million in March from Tiger Pacific Capital) in the past three months.

Private Equity company, Tiger Pacific, had acquired around four percent in the firm in exchange for $25 million, which effectively values the company at around $625 million.

Kirin Holdings also has the option to convert its ECBs into Series D Compulsorily Convertible Preference Shares (CCPS) at a later date, regulatory filings, sources via TheKredible, showed.

Delhi-based Bira91 has raised over $450 million so far from inventors including Peak XV, Sixth Sense Ventures and others. It closed FY23, with a revenue of Rs 824 crore, up 14 percent from Rs 719 crore recorded in FY22. While its scale remained flat, its losses widened 12 percent from Rs 396 crore to Rs 445 crore during the time period.