Bira 91 Overview Bira 91 is a leading Indian craft beer brand owned by B9 Beverages. Founded in 2015 and headquartered in New Delhi, the company has positioned itself as a premium, youthful beer brand targeting urban consumers. Bira 91 has expanded both domestically and internationally, becoming one of India’s most recognizable new-age alcohol brands.

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Business Model Bira 91 operates a brand-led FMCG model in the alcoholic beverages segment: • Beer Sales (Core Revenue Driver) • Premium Craft & Flavored Variants • On-Trade Channels (bars, restaurants, pubs) • Off-Trade Channels (retail liquor stores) • International Exports • Brand Collaborations & Merchandise The business focuses heavily on branding, product innovation, and premium positioning.

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Financial Profile & Valuation • High-growth company with focus on scale expansion • Significant investments in branding and distribution • Profitability impacted by high marketing and input costs Valuation (Private Market): • Estimated range: $500–700 million (varies by funding round) • Backed by global investors including Sequoia Capital

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Competitive Positioning • Strong premium craft beer positioning in India • Competes with both mass and premium beer brands Key Competitors: • United Breweries • AB InBev • Budweiser Moat: • Strong brand recall among millennials and Gen Z • Early mover advantage in craft beer segment in India • Unique product positioning (wheat beers, flavored variants) • Wide distribution across urban centers

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Growth Drivers • Rising premiumization in alcohol consumption • Increasing urban youth population • Expansion into new geographies (domestic & global) • Product innovation (new flavors, low-calorie options) • Growth in on-trade consumption (bars, pubs)

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Key Risks • Regulatory constraints in alcohol industry (state-wise laws) • High taxation impacting margins • Intense competition from global beer giants • Supply chain and raw material cost volatility • Dependence on brand perception and marketing

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Recent Developments • Expansion of production capacity in India • Focus on improving unit economics and margins • Continued push in international markets • Strengthening distribution network

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Investment View / Outlook Bira 91 represents a high-growth consumer brand play in India’s evolving alcohol market, benefiting from premiumization and changing consumption patterns. However, profitability and regulatory challenges remain key considerations. Key Monitorables: • Path to profitability • Market share in premium beer segment • Expansion success in new markets Overall, View: Strong brand-driven growth story with significant upside potential, but execution and regulatory risks make it a relatively high-risk investment.