Delhi-based beer company Bira 91 reported a 15% rise in operating revenue for FY23, hitting ₹824.3 crore ($111 million), and a total revenue, including other income, of ₹848.7 crore ($114 million). The increase marks significant progress towards the ₹1,000 crore milestone. Despite the growth, the firm's net loss expanded by 12% due to higher excise duty, procurement costs, and employee expenses. Nevertheless, the EBITDA margin showed improvements.
The company, founded by Ankur Jain in 2015 and now recognized as India's fourth-largest beer company, has a presence in over 550 towns and cities across 18 countries. Bira 91 maintains a production capacity of 250 million liters and employs a workforce of approximately 897 people. It competes with established players like Diageo (LON:DGE), United Breweries, Pernod Ricard (EPA:PERP) India, and startups such as White Owl Brewery and Simba.
In recent years, Bira 91 has broadened its product line beyond alcoholic beverages. Since 2020, the company has included non-alcoholic drinks in its portfolio and expanded its brand stores through acquisitions. The strategic diversification seems to be part of the company's efforts to solidify its market position ahead of a planned IPO.
To fuel its growth and expansion efforts, Bira 91 raised over $263 million from investors including Peak XV Partners, Sofina Ventures, Kirin's Holdings, and MUFG Bank. The latter recently invested $10 million into the company.
Meanwhile, competitor Proost secured ₹25 crore ($3.4 million) in pre-Series A funding, indicating an increasingly competitive landscape in India's beer market.
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