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Indian craft beer maker Bira 91, which is owned by B9 Beverages, has raised $70 million in a funding round led by Japanese company Kirin Holdings.
A spokesperson for Kirin told FoodBev: “Due to the expansion of the beer market in India and the significant increase in demand for Bira 91, B9 Beverages is planning to construct new production site(s) and we believe that the funds will basically be used for that”.
According to Reuters, Bira 91 did not say what its valuation or Kirin’s stake would be after the funding round but said it would use the funds to expand existing facilities and build new breweries, increasing its footprint across 550 towns in 18 countries.
Last year, Kirin Holdings invested $30 million in Bira 91 and as part of the deal, Kirin acquired a stake of under 10% in B9 Beverages.
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