Indian craft beer maker Bira 91 raised $70 million in funds led by Japanese beer company Kirin Holdings Co Ltd as it looks to ramp up production amid strong demand for the alcoholic beverage.
Bira competes in India’s estimated $5 billion beer market with brands such as Carlsberg and Heineken-owned United Breweries NSE 0.59%. Craft beer sales are increasing in India as younger, more affluent consumers choose brands and pubs that make lighter brews with fresher ingredients. The investment by Kirin comes as Japan’s major beverage companies face a steady decline in alcohol sales revenue as the domestic population shrinks and younger people drink less than in previous decades, forcing companies to expand overseas or enter new markets.
