New Delhi,  Premium beer company Bira 91 on Tuesday announced it has raised $70 million in Series D funding, led by leading Japanese beer firm Kirin Holdings.

The funds will be deployed to expand Bira 91's production capacity by commissioning new breweries and expanding its existing facilities.

The capital will also be utilised to increase the company's distribution footprint across the country and internationally, and further bolster Bira 91's product development and innovation capabilities, the company said in a statement.

"As the fifth largest economy in the world, with increasing digitalisation, and a stable, growth-oriented government, we are very excited to invest further in the 'Make in India' journey for the country," said Hiromasa Honda, Managing Director, Kirin Holdings Singapore.

"We believe that Bira 91 has the potential to premiumise Indian beer through innovation by brewing the highest quality products for the country's consumers," Honda added.

Bira 91 recently announced its goal to become the country's first carbon-neutral beer company and has formed the B9-Kirin Center for Sustainable Growth based out of its New Delhi headquarters.

"As we look forward to driving strong growth in revenue, market share, and profitability over the next few decades, we are excited to deepen this long-term partnership further," said Ankur Jain, CEO and Founder of B9 Beverages.

As one of the youngest players in the market, the brand has secured a double-digit share in several key markets and emerged as the fourth-largest beer company in India.

Launched in 2015, Bira 91 has a portfolio of 10 diverse flavours in its portfolio, along with many seasonal beers released in its tap rooms.

The company recently announced the acquisition of The Beer Cafe.

Bira 91 company has a presence across 550 towns in 18 countries across the globe.