Indian craft beer maker Bira is reportedly in discussions to secure $132 million in funding, marking what would be its largest fundraising round to date. New York-based investment group Global Emerging Markets (GEM) is among the potential investors.
Bira has gained popularity in India amidst a growing social drinking culture. While the Indian beer market is dominated by major players like AB InBev, Carlsberg, and Heineken, Bira holds a market share of under 5%.
According to term sheets reviewed by Reuters, Bira is in talks to raise $50 million through equity funding from GEM, with an additional $82 million via structured credit. The specific stake GEM might acquire in Bira remains unclear.
Bira's CEO, Ankur Jain, confirmed that the company has received term sheets for substantial investments in the form of structured debt and equity, but declined to disclose the names of the investors or the exact amounts.
In 2022, Bira expanded its reach by acquiring beverage chain The Beer Cafe, aiming to increase its access to restaurants and pubs.
The regulatory environment in India can be challenging for liquor companies. Jain noted that Bira changed its registered name from B9 Beverages Private Ltd to B9 Beverages Ltd in 2023/24, which resulted in losses of 800 million rupees ($9 million) due to business disruptions.
Bira 91 was launched in 2015 with the goal of offering a trendy and fun beer brand positioned between domestic and expensive imported options. To date, the company has raised $100 million from investors including Sequoia, TR Capital, Kunal Bahl of Snapdeal, and Deepinder Goyal of Zomato.
In May 2025, Bira completed a $50 million funding round led by Sofina and Sequoia, with plans to use the funds to expand production and meet local demand, as well as expand in the US and Southeast Asia. At that time, Bira had two breweries in Indore and Nagpur, with a new facility in Mysuru expected to come online soon. The company aimed to increase its monthly production capacity from 350,000 cases to 2 million cases and expand into more cities in Punjab, Uttar Pradesh, Maharashtra, and Madhya Pradesh.
