Sofina & Sequoia investing $20 million in Bira91

Owners of craft beer Bira91, B9 Beverages raised $20 million in a bridge round from Sequoia Capital & Sofina. According to an ET report, the fresh capital will be deployed towards business expansion in India with a focus on increasing market share in the premium beer segment, claims to have a market share of more than 5% of overall beer, and over 20% share in the premium beer category.

Due to the ongoing nationwide lockdown, all businesses have to bear the cost and beverage companies are hardly-hit. Due to the shutdown of bars, pubs, and alcohol shops, the revenue for such businesses has almost come down to zero for the past one month.

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