Indian brewer B9 Beverages raises $20m from Sofina, Sequoia

Korean GP Neoplux and several family offices also took part in the funding round. The company says the capital commitment adds to an INR300 million ($10 million) investment by Sixth Sense Ventures last year. Previously, the brewer received $50 million in a Series B round led by Sofina in 2018. Other investors in the firm include TR Capital, according to AVCJ Research.

Beginning operations in 2015, B9 Beverages, headquartered in Belgium, sells beer in both draft and bottle formats primarily to a young urban market in India. Initially importing beers from Belgium, it now operates four breweries in India and has offices in nine cities internationally, including New York.

Bira 91, the company’s flagship beer brand, is sold in Nepal, UAE, UK, Singapore, Hong Kong and Thailand, as well as in India and the US. In India, the company has built its brand through commissioning web shows and videos and by sponsoring cricket teams and other events. Recently, it launched a private taproom - a bar where craft beers can be freshly tapped from barrels - in Bengaluru.

“We continue to grow our business in both existing and new markets. Our market shares in several markets are now higher than 5% in overall beer and more than 20% in premium beer. 2020 is a key inflection point for the company where we expect to reach double-digit market share in a number of states through the year,” said B9 Beverages CEO Ankur Jain, according to The Economic Times.

In addition to traditional brewing giants like United Breweries - maker of Kingfisher beers, India’s most popular beer, which is part-owned by Heineken - Carlsberg and AB InBev, there are more than 80 microbreweries in India. Most of them operate in Bengaluru and New Delhi. According to the industry body All India Brewers’ Association (AIBA), India consumes more than 340 million cases of beer every year. Craft beer manufacturers like B9 Beverages are said to account for an increasing proportion of domestic beer production.

Due to the coronavirus pandemic, alcohol has been deemed as a non-essential good by the Indian government so manufacturers like B9 Beverages have been forced to halt operations in rural factories and cities. A six-week nationwide lockdown measure imposed by the Indian government to halt the spread of the virus is expected to be lifted by the end of the week.

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• Topics
• South Asia
• Consumer
• Expansion
• India
• Sofina
• Sequoia Capital