Sequoia Capital-backed premium beer maker Bira 91 is eyeing up to Rs 450 crore sales next fiscal as it expands its footprint in India and overseas.
"We are looking at clocking Rs 400-450 crore sales in the next financial year. We plan to enter new cities in India and going deeper in the existing markets. We will also look at entering new overseas markets by early next year," said Bira 91 Founder Ankur Jain.
Bira 91, owned by B9 Beverages, began operations in February 2015 and expects to close this fiscal with sales of Rs 180 crore. The company is aiming at leadership position in the premium segment, Jain said.
At present, Bira sells in seven cities in India and New York in the US. It plans to expand operations to 20 cities in India and enter new markets such as Singapore, Thailand and Malaysia by early next year.
The company's third brewery coming up in Rajasthan will also become operational in the next quarter.
"With addition of our third brewery, our production capacity will go up from 3.5 lakh cases a month to 10 lakh cases a month," Jain said.
Bira 91 currently has one brewery in Indore and Nagpur each. When asked if the company is looking at raising fresh funds in the near future, Jain said, "We have adequate funds to support our expansion plans and we are not seeking fresh investments."
The company so far has raised USD 35 million from venture capital firm Sequoia Capital.