India: Kirin Holdings Increases Stake in B9 Beverages Beyond 20%

Kirin Holdings, the Japanese beverage giant, announced today an additional investment of USD 25 million to increase its share in B9 Beverages, the company behind Bira 91 craft beer and Beer Cafe pubs, beyond its current nearly 20% holding. Additionally, an unnamed American investor is set to inject another USD 25 million, totaling USD 50 million in fresh investments at a USD 600 million pre-money valuation.

Founded in 2015, B9 Beverages has rapidly established itself as a key player in India’s craft beer market. Renowned for its flagship brand, Bira 91, which offers a diverse range of craft, lager, and strong beers, B9 Beverages also owns and operates Beer Cafe, a popular pub chain in India acquired in October 2022 (, 12.10.2022). Today, B9 Beverages operates six breweries and sells its beer in 24 countries.

Kirin's participation in B9 Beverages began three years ago, in January 2021, when Kirin Holdings invested USD 30 million in India’s most successful craft brewery in exchange for a minority share of less than 10 percent (, 5.1.2021). In September 2022, Kirin increased its stake by another 10% by investing another USD 70 million (, 20.9.2022). The funds announced today will fuel B9 Beverages' further expansion plans, including brewery growth, global retail expansion, and enhancing Bira 91 Taproom pubs.

India's beer market, which hit USD 5.5 billion in 2023, is expected to reach USD 9.4 billion by 2032. B9 Beverages reported a revenue increase to USD 99 million in the fiscal year ending March 2023 from USD 87 million in FY22.

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