B9 Beverages, the parent of the homegrown beer-producing brand Bira91 has raised $10 million from Japan’s MUFG bank. 

This came a few months after the New Delhi-based start-up raised $70 million in its Series D round. It was led by Kirin Holdings–a Japanese beer company. 

The start-up will utilise the fund to increase its production level. Additionally, it will strengthen its supply chain network and amplify its innovation capabilities. The company will also put effort to scale its business operations in the next 12-24 months. 

Founded in 2017, the company is backed by investors like Sequoia Capital, Sofina and Kirin Holdings. Additionally, institutional investors hold a 30 per cent stake in the company. It has claimed to be present in 550 towns and 18 countries with a manufacturing footprint of 2.5 million hectoliters. 

Talking about the latest development, Ankur Jain, the founder of B91, told Mint, “When I look at this particular investment, I think the idea for us was to really get the most important and credible financial institution based out of Japan." 

“One of the things that we're trying to build is a network of financial institutions across the world who can help us as we institutionalize our company and get to our next corporate milestone—of potentially going public." 

“We are eager to work with the Bira 91 team to further their growth story and enhance their footprint in India as well as across the globe,” Yasuhide Hayashi, executive officer at MUFG Bank, said while addressing the investment.