The Beer Café chain, which is owned by New Delhi-based BTB Marketing Pvt Ltd, is in talks with private equity funds to raise up to $40 million (about Rs 270 crore) in a bid to expand its business across the country.
The company has reportedly hired Mumbai-based investment bank Avendus Capital to help raise the funds.
"The beer chain is looking to raise fresh round of growth capital to expand its business in newer geographies. BTB has been out in the market to raise capital and is expected to close the round by the middle of February," a person with the information on the matter was quoted as saying by Mint.
A year ago, the company had raised two rounds of funding from venture capital fund Mayfield Fund. In December 2014, it had reportedly raised Rs 30 crore from Granite Hill capital and Mayfield fund. This would be the third round of funding for the company.
"The process of raising funds would start in April 2016, so should be able to close in 3-4 months from there," Rahul Singh, the founder and CEO of The Beer Café told Mint.
The Beer Café chain, which started its operations in 2012, currently operates 29 beer bar outlets across 10 cities in India. Beer Café aims to become the "most profitable alco-beverage service brand" in the country, according to the company's website.
Mint reported, citing the data available with the Registrar of Companies, that Beer Café's revenue more than doubled to Rs 33 crore in FY2014-2015 from Rs 13.7 crore in FY 2013-2014. In 2014-2015, the company reported a loss of Rs 11.3 crore.
