BIRA MAKER B9 BEVERAGES IN TALKS TO RAISE $30 MN

NEW DELHI/MUMBAI: B9 Beverages Pvt Ltd, the maker of popular beer Bira91, is close to raising $30 million (₹200 crore) from private equity funds, two people familiar with the development said.

TPG Growth, Blackstone Group Lp and New York-based private investment firm Veronis Suhler Stevenson (VSS) are among funds interested in the Delhi-based beer maker, the people cited above said on condition of anonymity. The talks are in the final stages, they said.

Ankur Jain, founder of B9 Beverages, declined to comment on the fundraising. TPG, Blackstone and VSS did not respond to Mint queries till press time.

B9 Beverages has already raised more than $30 million from several investors.

Venture capital fund Sequoia Capital India Advisors is the largest investor in B9 Beverages. Sequoia currently owns more than 55% in B9 Beverages, through its two funds SCI Investments IV and SCI Investments V.

On November 9, B9 Beverages raised ₹25 crore from Chennaibased asset management company Anicut Capital by issuing redeemable non-convertible debentures, according to a company filing with Registrar of Companies (RoC). In August, B9 Beverages raised ₹51.54 crore from Sequoia which was the third tranche from the venture capital fund, according to RoC documents.

B9 Beverages founder Jain owns about 15% of the company’s equity. His family members own a little more 10%. Others who have invested in B9 Beverages include General Atlantic MD Shantanu Rastogi and its senior vice-president Alok Misra, and Naik Family Trust 2013.