Indian-origin entrepreneur Karan Bilimoria's Cobra Beer has suffered losses in the last financial year after it invested heavily for major expansion plans in India.
The company's statement of accounts filed at the Companies House reveals that its losses have nearly trebled despite a 42 per cent rise in revenues.
The company acquired its first brewery in India in January as part of its efforts to capture 10 per cent of the booming market.
Pre-tax losses at the UK-based company hit 13.1 million pounds in the 12 months to the end of July last year against a loss of 4.4 million in the same period a year earlier, The Daily Telegraph reported on Friday.
Revenues touched 43.2 million pounds. The company said that it expected to achieve growth of more than 35 per cent in the year to the end of July this year.
Bilimoria is seeking to raise 30 million pounds from investors to fund the company's further expansion in India.
It was recently reported that Bilimoria is considering selling the company if he gets a good price.
"It's a very likely option that someone comes along and makes us an offer we cannot refuse. I am not saying I am definitely going to sell the company. What I am saying is that definitely within three years we will have to have a major event," he had said.
The statement reveals that despite the losses, Cobra Beer's overseas sales more than trebled to 6.5 million pounds on what the company described as 'incredible' growth in India of more than 600 per cent.
The company was forced to close down its operations in the US after failing to secure trademark for its brand.
Bilimoria said: "We have decided for the time being to refocus our priorities and perhaps to look at America again in the longer term."
