SSIO – II
Bira 91 is disrupting the USD 6B Indian beer industry, by creating a powerful new-age beer brand and innovating on taste profiles which is resonating extremely well with the millennials. The market has been dominated by United Breweries which controls ~50% of the market, followed by SAB Miller and Carlsberg (mainly Tuborg) at around 15-18% market shares each. Over the last 10 years, these brands have shown very limited innovation, and we see strong potential for a disruptor brand like Bira and sub-brand, Boom.
As one of the fastest growing beers in the world, Bira 91 has built a strong portfolio of essential beers and aims to drive the global shift in beer towards more colour and flavour. Bira 91 started as an on-premise play (relatively easier to penetrate for a craft beer brand), is now garnering 75% of its business from off-premise. This we believe is a strong validation of the brand given distribution is highly regulated and thereby controlled. The company has recently launched a mass segment brand called “Boom”, which we believe could be a game-changer and aid in creating larger scale for the company.