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- Bira 91
Bira 91 Revenue, Valuation, Funding & Investors
Bira 91 is valued at $600M as of February 2024, a 6.6x multiple on its last reported $91M revenue.
Last Bira 91 valuation
$600M
Series D · Feb 2024
Last Bira 91 funding round
$10M
Series A · Jun 2025
Bira 91 revenue
$91M
Series D · Feb 2024
Key investors in Bira 91
Sequoia Capital
Sofina
Sixth Sense Ventures
Kirin Holdings
Anicut Capital
Rohit Bansal
About Bira 91
Bira 91 is an Indian craft beer brand produced by B9 Beverages with breweries in Khurpia, Guwahati, Pune, Indore, and Hisar. Launched in 2015, it uses wheat, barley, and hops sourced from the Himalayas, Bavarian Farms, France, and Belgium. Bira 91 distributes light, strong, and blonde lagers in 330ml bottles, 650ml bottles, 500ml cans, and draft across 600 towns in India and 18 countries worldwide. It maintains a partnership with Kirin Holdings of Japan.
Founded
2015
HQ
Website
Status
Privately held
Customer focus
B2C
Revenue model
Product sales
Revenue
$91M (Feb 2024)
Valuation
$600M (Feb 2024)
Sectors
Bira 91 Valuation
Bira 91 is currently valued at $600M, based on its Series D in February 2024.
The $50M round included Kirin Holdings and Tiger Pacific capital.
Bira 91's valuation has grown 4.2x from $144M at its Series B in May 2018 to $600M in February 2024, across 6 priced rounds.
Bira 91 valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Feb 2024 | Series D | $600M | 6.6x |
| Nov 2022 | Series D | $550M | 8.1x |
| Jan 2021 | Strategic investment | $300M | - |
| Aug 2019 | Series B | $300M | 4.4x |
| May 2019 | Series B | $246M | 3.6x |
| May 2018 | Series B | $144M | - |
Bira 91 Revenue
Bira 91's latest recorded revenue is $91M, as of its Series D in February 2024. At a $600M valuation, that implies a 6.6x revenue multiple.
Revenue grew from $68M in May 2019 to $91M in February 2024, while the revenue multiple moved from 3.6x to 6.6x.
Bira 91 revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Feb 2024 | $91M | $600M | 6.6x | Series D |
| Nov 2022 | $68M | $550M | 8.1x | Series D |
| Aug 2019 | $68M | $300M | 4.4x | Series B |
| May 2019 | $68M | $246M | 3.6x | Series B |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Bira 91 Funding History
Bira 91 has raised a total of $298M across 16 funding rounds.
Bira 91's first fundraising round was a $5M seed round in June 2014. The most recent completed round was a $10M Series A in June 2025.
Bira 91 funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jun 2025 | Series A | - | $10M | - | - |
| Feb 2024 | Series D | Kirin Holdings; Tiger Pacific capital | $50M | $600M | Bira 91, operated by B9 Beverages, is an Indian craft beer producer offering brands like Bira White, Gold, Blonde, and Boom Super Strong, with operations in over 1,000 towns across 25 countries and production at six facilities in India. In early 2024, around February/March, Tiger Pacific Capital invested $25 million for approximately a 4% stake, implying a pre-money valuation of $600 million, followed by a $25 million ECB from existing investor Kirin Holdings, totaling $50 million raised in recent months. The Tiger Pacific investment was at a share price of about ₹600, with implied market cap of ₹4,800 crore (~$625M at prevailing rates), noted as an 8% discount to unlisted/pre-IPO prices. To date, Bira 91 has raised around $350 million in total funding, with major stakeholders including Peak XV (24.83%), Kirin Holdings (21.25%), and others. For FY23 ending March 2023, the company reported revenues approaching Rs 850 crore with 17% YoY growth but a loss of Rs 446 crore. The funds are aimed at expansion, strategic partnerships, and preparing for an IPO roadmap. |
| Mar 2023 | Series D | MUFG Bank (lead); Trifecta Capital Advisors | $10M | - | Bira 91, an Indian premium craft beer brand owned by B9 Beverages, received a $10 million investment from MUFG Bank, Japan's largest bank, announced on March 10, 2023. The investment came approximately three months after Bira 91 secured $70 million in a Series D funding round led by Japanese beer company Kirin Holdings in late November 2022. Founded in 2015, Bira 91 operates as the fourth-largest beer company in India with a 5% market share across key markets, supported by five manufacturing facilities with a combined capacity of 2.5 million hectolitres and presence across 550 towns and 18 countries. The funds from MUFG Bank were designated to accelerate production capabilities, strengthen the supply chain, and enhance product innovation, including launches of Hill Station Hard Cider Ale and Grizly Hard Seltzer Ale. MUFG Bank's investment underscored confidence in Bira 91's growth trajectory, particularly as the Indian beer market experienced expansion driven by changing consumer preferences and rising brand consciousness toward premium and imported beers. |
| Nov 2022 | Series D | Kirin Holdings (lead) | $70M | $550M | Bira 91, operated by B9 Beverages, is an Indian craft beer brand that raised $70 million in a Series D funding round around November 2022 led by Kirin Holdings. Kirin had previously invested $30 million in 2021 for under 10% stake. Following the round, Kirin owned 21.25% and Peak XV (formerly Sequoia) held 24.83%, the largest external stake. One source indicates the Series D valued Bira 91 at $550-600 million post-fundraise. The company has faced ongoing financial challenges, with losses widening despite revenue growth. Bira 91's total funding reached about $350 million by late 2022. Subsequent financings included $25 million from Tiger Pacific Capital in March 2024, valuing the company at around $625 million based on a 4% stake acquisition, and a $25 million ECB loan from Kirin in June 2024, bringing total raised to $625 million. Kirin retains conversion options for its ECBs into equity. Financially, Bira 91 reported revenues of INR 8.24 billion ($98.6 million) for the last financial year mentioned, up 14% from INR 7.19 billion in 2022, but losses increased 12% to INR 4.45 billion. By June 2025, Kirin held 20.1% stake amid reports of exploring an exit due to B9's debt and losses, with tensions among investors like Peak XV and founder Ankur Jain. |
| Oct 2022 | Series D | Chhattisgarh Distilleries (lead) | $1M | - | - |
| Aug 2021 | Series C | SKS Capital; GreenRush Investors | $20M | - | Bira 91, a craft beer company founded in 2015, raised close to $20M in a Pre-Series D round around August 2021, with $4.8M already received from over two dozen investors including GreenRush Holding (likely GreenRush Investors), SKS Capital & Research, and Pyramid City Projects, as confirmed by founder Ankur Jain and regulatory filings. The company produces eight beer varieties and operates four breweries in India with presence in cities like Delhi-NCR, Mumbai, Goa, Kolkata, Bengaluru, Pune, and Chandigarh, plus offices in nine cities including New York City and over 600 employees. Existing investors Sequoia Capital and Belgium’s Sofina Capital back the brand, which earlier in 2021 raised $30M from Kirin Holdings resulting in a 10% stake for Kirin, with Sequoia holding 45% and founder Jain 30% at that time. The Indian liquor market was projected to grow at 6.8% CAGR from 2020-2023, supporting Bira 91's expansion amid competition in craft beer. |
| Jan 2021 | Strategic investment | Kirin Holdings (lead) | $15M | $300M | Kirin Holdings, the Japanese beverage conglomerate, made its initial investment in B9 Beverages (Bira 91) in January 2021, committing approximately $30 million through a combination of equity and debt instruments. This marked Kirin's entry into the Indian craft beer market and its first partnership with the premium beer brand. The investment was part of Kirin's strategy to expand its global portfolio and participate in India's growing beer market. Kirin would go on to lead a subsequent $70 million Series D round in 2022, significantly increasing its stake in the company. |
| Apr 2020 | Series B | Peak XV Partners (lead); Sofina (lead); Sixth Sense Ventures; Neoplux | $20M | - | - |
| Aug 2019 | Series B | Sixth Sense Ventures; Neoplux; Anicut Capital; Sequoia Capital; Sofina | $18M | $300M | - |
| May 2019 | Series B | Sixth Sense Ventures (lead); Smile Group; Rohit Bansal; Deepinder Goyal; TR Capital; Anicut Capital; Sofina | $4M | $246M | Bira 91, operated by B9 Beverages Pvt Ltd, is an Indian craft beer brand founded in 2015 by Ankur Jain, focusing on mild, premium beers like a European-style pilsner with citrus and coriander notes, initially imported from Belgium and bottled in India. The company targets urban millennials with innovative brews and a vibrant brand identity, expanding production capacity and market presence domestically while entering international markets including the US Northeast and Asia Pacific regions. Backed by investors such as Sequoia Capital as the largest shareholder, Sofina, Zomato founder Deepinder Goyal, Snapdeal co-founders Kunal Bahl and Rohit Bansal, and others. In May 2019, Bira 91 raised Rs 30 crore ($4.2-4.3 million) in a pre-Series C bridge round led by Sixth Sense Ventures, with participation aligning to listed investors including Anicut Capital, Deepinder Goyal, Rohit Bansal, Smile Group, Sofina, and TR Capital. The post-money valuation stood at $246 million. This followed a $50 million raise from Sofina in May 2018, bringing total funding to around $100 million by then, used for five-fold business expansion in India and premium beer market leadership. Bira 91 aimed to grow production to 2 million units in India that fiscal year, achieving over 5% beer market share in several states and more than 20% in the premium segment, positioning for double-digit shares by 2020. |
| May 2018 | Series B | Sequoia Capital; Sofina | $50M | $144M | B9 Beverages Pvt. Ltd, which manufactures craft beer under the brand Bira 91, is an Indian premium beer company founded by Ankur Jain. The brand was launched in 2015 with a focus on premium beers targeted at younger, tech-savvy Indian consumers, initially manufacturing in Belgium before opening its first Indian brewery in Indore in October 2016 and a second facility in Nagpur in August 2017. In 2018, Bira 91 raised $50 million in equity financing led by existing investors Sequoia Capital and Belgium-based Sofina, with the company valued at approximately Rs 1,300–1,400 crore post-money. The proceeds were primarily allocated to domestic distribution expansion, with over 90% of capital dedicated to scaling presence within India, alongside initial expansion into key markets including the US and Asia Pacific regions. At the time of the 2018 round, Bira had achieved over 5% of the overall beer market and over 20% share in the premium beer segment in India, with the company producing 2.7 million cases of beer in the prior fiscal year and targeting to ramp up capacity five-fold to 2 million cases per month over the subsequent 18 months. |
| Aug 2017 | Series B | Sequoia Capital (lead) | $8M | - | Bira 91 is an Indian craft beer brand launched by B9 Beverages in 2015, targeting urban millennials with premium, high-quality low-price beers. It initially produced in Belgium before shifting to Indian breweries in Indore (2016) and Nagpur (2017). In 2017, Bira 91 raised $8M from Sequoia Capital and ₹25 crores (~$3M) from Anicut Capital to expand operations, with sales reaching ₹165 crores in FY2017. The company ranked as the 5th biggest beer brand in India by FY2018, with sales at ₹158.6 crores. Bira 91 aimed for leadership in the premium beer segment, expanding to 20 cities in India and markets like New York, Singapore, Thailand, and Malaysia. Production capacity grew from 3.5 lakh cases per month with a third brewery in Rajasthan planned. By October 2017, it eyed Rs 400-450 crore sales in the next fiscal year, up from an expected Rs 180 crore close for that fiscal. Sequoia had previously invested, including Rs 50 crore ($7.7M) earlier. The brand achieved 4.5% market share in 2017 and targeted up to ₹6.14 billion sales in 2018. Total capital raised reached $350M by end of 2024 across multiple rounds from investors like Sofina, Kirin Holdings, and others. |
| Jul 2016 | Series A | Sequoia Capital | $10M | - | B9 Beverages, maker of craft beer brand Bira 91, raised approximately $6 million in a Series A round in January 2016 led by Sequoia Capital India. The funds supported marketing and establishing a production facility in Madhya Pradesh. At the time, Bira 91 sold 20,000 cases monthly, achieved 70% penetration in key markets like Delhi, Mumbai, and Bangalore, and held 30% share in the premium beer segment through word-of-mouth growth. Bira 91 launched in February 2015 and contracted manufacturing from multiple breweries, including in Belgium. The company registered 30% monthly growth, with restaurants and bars driving significant sales. Subsequent rounds included Rs 40 crore in January 2016 noted in later reports, though investor details varied. |
| Jan 2016 | Series A | Sequoia Capital (lead); Rohit Bansal; Deepinder Goyal; Ashish Dhawan; Kunal Bahl | $6M | - | B9 Beverages, the parent company of craft beer brand Bira 91, raised $6 million in a Series A funding round around January 2016 led by Sequoia Capital India with participation from investors including Ashish Dhawan, Deepinder Goyal, Kunal Bahl, and Rohit Bansal. The funds were allocated for marketing the brand and establishing a production facility in Madhya Pradesh. At the time, Bira 91, launched in February 2015, was available in cities such as Delhi, Mumbai, Bangalore, Kolkata, Goa, Pune, and Chandigarh, achieving 70% penetration in its markets and a 30% share in the premium beer segment through word-of-mouth growth. |
| Jan 2015 | Angel | - | $1M | - | - |
| Jun 2014 | Seed | Sequoia Capital (lead) | $5M | - | - |
Who has invested in Bira 91?
19 investors have backed Bira 91 across its funding rounds, including Sequoia Capital, Sofina, Sixth Sense Ventures, Kirin Holdings, Anicut Capital and Rohit Bansal.
Lead investors include MUFG Bank, Kirin Holdings, Chhattisgarh Distilleries, Peak XV Partners, Sofina and 2 other investors.
Bira 91 Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 6 | Lead | Jun 2014 | ||
| 4 | Lead | May 2018 | ||
| 3 | Lead | May 2019 | ||
| 3 | Lead | Jan 2021 | ||
| 2 | Participant | Jan 2016 | ||
| 2 | Participant | Jan 2016 | ||
| 2 | Participant | Aug 2019 | ||
| 2 | Participant | May 2019 | ||
| 1 | Participant | May 2019 | ||
| 1 | Participant | Aug 2021 | ||
| 1 | Participant | May 2019 | ||
| 1 | Participant | Feb 2024 | ||
| 1 | Participant | Jan 2016 | ||
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialAcquisitions by Bira 91
Bira 91 has acquired 2 companies to date.
Last acquisition by Bira 91 was on October 12th 2022. Bira 91 acquired The Beer Café for undisclosed valuation.
Latest Acquisitions by Bira 91
| Description | The Beer Café is a New Delhi-headquartered chain of alco-beverage restaurants operating over 25 outlets across 12 Indian cities including Mumbai, Bangalore, and Pune. Menus feature more than 100 international beers from Belgium, Germany, and the United States alongside Indian craft brews, craft cocktails, and pub fare like pizzas and kebabs in themed interiors. | Kamakhya Beer & Bottling is a Guwahati-based craft brewery in Assam, India, specializing in handcrafted beers. It produces a selection of ales, lagers, and flavored brews using regional ingredients and traditional brewing techniques. The company bottles its products for distribution across Northeast India, emphasizing quality control from malt to final packaging. Kamakhya focuses on local markets while expanding its portfolio to include seasonal and specialty beers. |
| HQ Country | ||
| HQ City | Gurgaon | Bijnor |
| Deal Date | 12 Oct 2022 | 10 Oct 2022 |
| Valuation | undisclosed | $3M |
| EV/Revenue | ||
| EV/EBITDA | ||
This data is available for Pro users. Sign up to see all Bira 91 acquisitions and their M&A valuation multiples. Start Free Trial | ||
Bira 91 Competitors
Bira 91 competitors include listed companies like Societe des Boissons du Maroc, Guinness Nigeria, Oeneo and Concha y Toro, and private ones like Provi and Athletic Brewing.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $325M | $57M | $629M | 1.8x | ||
| Publicly listed | $373M | $44M | $634M | 1.3x | ||
| Publicly listed | $317M | $68M | $656M | 2.3x | ||
| Publicly listed | $1B | $149M | $659M | 1.2x | ||
| Private | - | - | $750M | - | ||
| Private | $90M | - | $800M | 8.9x |
Bira 91 Public Comps
Bira 91 is still privately-owned, but its public comps include Societe des Boissons du Maroc, Guinness Nigeria, Oeneo, Concha y Toro, Laurent-Perrier, C&C Group, Malteries Franco-Belges, Hitejinro, Olvi and Marston's.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $325M | $57M | 1.9x | 1.8x | 10.8x | 8.7x | |||
| $373M | $44M | 1.7x | 1.3x | 14.9x | 7.5x | |||
| $317M | $68M | 2.3x | 2.3x | 10.5x | 10.5x | |||
| $1B | $149M | 1.2x | 1.2x | 8.2x | 7.7x | |||
| $350M | $93M | 2.2x | 2.1x | 8.2x | 8.3x | |||
| $1.8B | $69M | 0.5x | 0.5x | 12.1x | 6.9x | |||
| $153M | $47M | 2.5x | - | 8.2x | - | |||
| $1.8B | $185M | 0.7x | 0.8x | 7.3x | 5.9x | |||
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Common questions about Bira 91
| When was Bira 91 founded? | Bira 91 was founded in 2015. |
| Where is Bira 91 headquartered? | Bira 91 is headquartered in New Delhi, India. |
| Is Bira 91 publicly listed? | No, Bira 91 is a private, VC-backed company. |
| What is Bira 91's valuation? | Bira 91 was last valued at $600M in its Series D in February 2024. |
| How much funding has Bira 91 raised? | Bira 91 has raised $298M across 16 funding rounds. |
| What was Bira 91's last funding round? | Bira 91's last funding round was a $10M Series A in June 2025. |
| Who are Bira 91's investors? | Bira 91's investors include Sequoia Capital, Sofina, Sixth Sense Ventures, Kirin Holdings, Rohit Bansal, Deepinder Goyal, Neoplux, Anicut Capital, Smile Group, SKS Capital and 9 others. |
| What is Bira 91's revenue? | Bira 91's latest recorded revenue is $91M (February 2024). |
| What is Bira 91's revenue multiple? | Bira 91's latest valuation implies a 6.6x revenue multiple ($600M valuation on $91M of revenue). |
| Which companies are comparable to Bira 91? | Companies comparable to Bira 91 include Societe des Boissons du Maroc, Guinness Nigeria, Oeneo, Concha y Toro, Provi and Athletic Brewing. |
| How many companies has Bira 91 acquired? | Bira 91 has acquired 2 companies, including The Beer Café and Kamakhya Beer & Bottling. |
| What was the largest acquisition by Bira 91? | The $3M acquisition of Kamakhya Beer & Bottling in October 2022 is the largest acquisition Bira 91 has made to date. |
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