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Bira 91 raises $70 Mn🍻; Paytm hits all-time low📉; Space race 2.0🚀
Bira 91 raises $70 mn from Kirin, Paytm stock hits all-time low, US, China at forefront of space race, Funding Deals and more.
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Bira 91 raises $70 mn from Japanese beer company Kirin Holdings🍺
Indian craft beer maker Bira 91 has raised $70 million in a funding round led by Japanese beer company Kirin Holdings Co Ltd as it looks to ramp up production amid strong demand for the alcoholic beverage.
Bira competes with brands such as Carlsberg and Heineken-owned United Breweries in India's estimated $5 billion beer market.
The company launched in 2015 and has a portfolio of 10 diverse flavors in its portfolio, along with many seasonal beers released in its tap rooms.
The company recently announced an acquisition of the largest beer-pub chain in the country — The Beer Café. The company has a presence across 550 towns in 18 countries across the globe.
Paytm stock hits all-time low as Macquarie flags Jio Finance threat📉
Shares of Paytm’s parent firm One 97 Communications fell to a new all-time low on Tuesday after Macquarie Group analysts flagged risks from billionaire Mukesh Ambani’s foray into financial services.
Reliance’s Jio Financial Services “can pose a significant growth and market-share risk” for players such as Paytm and Bajaj Finance Ltd, Macquarie analysts led by Suresh Ganapathy wrote in a note.
Paytm’s stock fell more than 10% on the news and ended the day at Rs 475.55 on NSE, 11.44% down from its previous close. The company has shed more than 20% of its market cap in just the past five trading days.
Reliance already has a non-banking finance company license which it could leverage to kickstart consumer and merchant lending in a big way, the Macquarie analysts said.
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ReshaMandi, a business-to-business marketplace for silk products, has raised Rs 50 crore or $6.2 million in a debt round from Stride Ventures.
Edmingle, SaaS platform for small and medium-sized training and coaching business, has raised $1 million in its pre-Series A round led by Indian Angel Network.
B2B commerce startup Soptle has raised $300k in an angel round led by venture firm Kube VC and Soonicorn LLP.
US, China at forefront of space race 2.0🚀
India's first privately made rocket lifted off from ISRO's spaceport in Sriharikota last week, marking the private sector's first foray into space.
Developed by four-year-old Hyderabad-based startup Skyroot Aerospace, the launch of Vikram-S – named after Vikram Sarabhai, the father of India's space program – is the first launch since the space segment was thrown open to private players in 2020.
India’s private space companies have a lot of catching up to do. According to data from Space Capital and Statista, US companies have cornered almost half (46.3%) of all investments in private space companies since 2014. China comes in second with 29.3% and Singapore is a distant third with 5.2%. India comes in at number six, with 2.3%.
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