B9 Beverages, India’s first Craft Beer company has announced its raising $6 million in Series A round of funding led by Sequoia Capital along with other marquee investors Rohit Bansal and Kunal Bahl (Snapdeal), Ashis Dhawan (Chrys Capital) and Deepinder Goyal (Zomato). The investment has been raised for the handcrafted beer brand Bira91.
Founded just last year, the craft beer company has been able to achieve a penetrate 70% into all its markets. Without any extensive strategies and just with its exponential growth rate, it has acheived a market share of 30% in the premium segment. Their key brands are Bira91 White and Bire91 Blonde craft beers available in draft and bottled formats.
Ankur Jain, CEO of B9 Beverages said, Perhaps the most important factor in our early success has been the strong word-of-mouth that Bira91 has received. Consumers love Bira91, recommend us to people they know, leading to a potentially exponential network effect bordering on a contagion. This kind of strong word-of-mouth has been elusive for almost everyone and this puts Bira91 in an extremely unique position full of limitless opportunity and serious responsibility in the coming years.”
Currently present in seven cities that includes, Delhi, Mumbai, Bengaluru, Kolkata, Goa, Pune and Chandigarh, it is working to expand into other cities.
He added, “In 2016, we will focus on laying the ground-work in terms of process, team and an effective execution strategy that will require an unstoppable hustle so that we are able to expand our geographical footprint in 2017 and capitalise on the large opportunities ahead of us.”
Abhay Pandey, managing director of Sequoia Capital said, “Bira91 is a great product with a dynamic team managing an innovative supply chain to capture the large on premise opportunity. We are excited about backing the challenger in a large category with nice customer cohorts on basket size, retention and frequency.”