Bira 91 beer in final talks for Rs 160 crore round

MUMBAI:

Bira

91 is finalising a $25-million, or Rs160-crore, fundraise led by private equity major

TPG

Growth, sources close to the matter said. This is the craft beer brand's third financing round and would emerge as a rare bet by a risk investor on an alcoholic beverage (alcobev) company in the domestic market, once completed. Bira 91 competes with other premium beers like Budweiser and

Kingfisher Ultra

, and is largely distributed across restaurants and bars in metros and other big cities. The two-year-old beer startup B9 Beverages, the company behind Bira 91, has in all raised $22 million so far from venture capital fund

Sequoia Capital

and a set of angels. The Indian brewer is looking to expand distribution, enhance production and tap international markets post the fund infusion.“The due diligence process is currently ongoing and the deal is likely to be announced soon,“ a source said on the condition of anonymity . TPG Growth's Vish Narain and Bira 91 founder

Ankur Jain

did not comment on the fund-raise.