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Indian brewer Bira 91 raises $10 million from Japan's MUFG Bank

A stray dog rests outside a liquor store with a Bira beer advertisement on it in Mumbai

BENGALURU (Reuters) - Indian craft beer maker Bira 91 has raised $10 million from Japan's MUFG Bank, the companies said in a statement on Thursday, as the New Delhi-based brewer looks to ramp up production and tap rising demand.

The investment comes more than three months after it secured $70 million in a funding round led by Japanese beer maker Kirin Holdings Co.

Bira 91 holds a market share of 5% across key regions in India, tripling its pre-COVID numbers, the statement said.

Craft beer sales are on the rise in the country as younger, affluent consumers in big cities choose brands and pubs that make lighter brews and promise fresher ingredients.

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Bira 91 competes with brands such as Carlsberg, Heineken, AB InBev -owned Budweiser and local giant Kingfisher in India.

Bira did not disclose its valuation or MUFG's stake in the company after the funding round.

"The Indian beer market is booming, owing to factors such as changing lifestyle of consumers, a growing preference for the alcoholic beverage and rising brand consciousness regarding imported and premium beers," Yasuhide Hayashi, executive officer at MUFG Bank, said in the statement.

(Reporting by Varun Vyas in Bengaluru; Editing by Devika Syamnath)