Kirin Holdings and Anicut Capital take charge of The Beer Cafe as Bira 91 faces deepening financial stress.
B9 Beverages, the parent company of Bira 91, has lost control of its pub business, The Beer Cafe, after Japanese brewer Kirin and investor Anicut Capital invoked shares pledged as collateral, according to a report by media report. The development follows continued financial pressure at the craft beer maker.
Filings with the Registrar of Companies show that Kirin Holdings and Anicut Capital have taken possession of shares in Better Than Before (BTB), the company operating The Beer Cafe network of 42 outlets and other food and beverage ventures. The restructuring removes B9 Beverages from BTB’s ownership.
Founder and CEO Ankur Jain has disputed the move, claiming BTB “remains a wholly owned subsidiary” of B9 Beverages. The company has approached the Delhi High Court, alleging contractual violations by lenders. On October 17, the court issued an interim order preventing Anicut Capital from selling or transferring BTB shares until further hearings.
In FY24, B9 Beverages reported a net loss of Rs 748 crore on revenue of Rs 638 crore and negative cash flows of Rs 84 crore. Its accumulated losses stood at Rs 1,904 crore, while liabilities exceeded assets by Rs 619 crore as of March 31, 2024. Sales volumes declined to about 6–7 million cases from 9 million the previous year.
Kirin Holdings owns around 20.1 per cent of B9 Beverages, Peak XV Partners holds 14.6 per cent, and Ankur Jain and his family control 17.8 per cent, with the remainder held by smaller investors and family offices.
B9 Beverages had acquired BTB in 2022 through an all-stock transaction. BTB contributes around 35 per cent of total revenue and operates several brands including The Beer Cafe, Bira 91 Taprooms, Thrsty (cloud bar), Instacrave (cloud kitchen), and Burger Brewery.
Earlier this month, more than 250 employees wrote to the board and key investors seeking a leadership change. The petition cited governance lapses, salary delays, vendor dues, and ongoing disputes with creditors.
