B9 Beverages (BIRA 91) Unlisted Shares
Bira 91 parent secures $25 million from Kirin Holdings to close $50-million round
money control
2 min read
Bira 91 Raises $25 Million from Kirin Holdings.
Expert Analysis:
Funding and Structure: B9 Beverages (Bira 91) secures $25 million via external commercial borrowing (ECB) from Kirin Holdings, an existing investor.
Recent Fundraising Round: Bira 91 has closed a $50 million fundraising round, split into two tranches of $12.5 million each, with $25 million from Kirin Holdings in June and $25 million from Tiger Pacific Capital in March.
Valuation Insight: Tiger Pacific acquired approximately 4% of Bira 91 for $25 million, valuing the company at around $625 million.
Investment Flexibility: Kirin Holdings retains the option to convert its ECBs into Series D Compulsorily Convertible Preference Shares (CCPS) at a later date, regulatory filings and sources via The Kredible showed.
Cumulative Investment: Bira 91 has now raised over $450 million from various investors, including Peak XV, Sixth Sense Ventures, and others.
Financial Performance: In FY23, Bira91 reported revenue of Rs 824 crore, marking a 14% increase from Rs 719 crore in FY22, despite stagnant growth in scale; however, losses widened by 12% from Rs 396 crore to Rs 445 crore during the period.
Rapid Fundraising:
Bira 91 secures $25 million from Kirin Holdings, contributing to a total of $50 million raised in just three months.
High Valuation:
Tiger Pacific's investment implies a significant valuation of approximately $625 million for Bira 91.
Strategic Investment Option:
Kirin Holdings' ability to convert ECB into Series D CCPS highlights their confidence in Bira 91's long-term prospects.
Financial Challenges:
Despite revenue growth, Bira 91 must address widening losses, which reached Rs 445 crore in FY23, signaling operational challenges amidst expansion efforts.
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