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

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.