Japanese brewer Kirin Holdings and investment firm Anicut Capital have taken control of The Beer Café, the pub chain owned by Bira 91 parent B9 Beverages, after acquiring shares pledged as collateral against loans extended to the struggling craft beer maker, reported ET.
Regulatory filings by BTB (Better Than Before), the company that operates The Beer Café, show that the pledged shares have been invoked by Kirin and Anicut, effectively stripping B9 Beverages of ownership in the subsidiary. This move comes after B9 Beverages’ internal unrest. Earlier this month, over 250 employees wrote to the board and key investors seeking the removal of Jain, citing governance lapses, unpaid dues, and delays in salary disbursement. The employees also flagged pending vendor payments and legal disputes with creditors as causes of concern.
Ownership shifts hands
B9 Beverages had pledged its shares in BTB to secure borrowings. With both Kirin and Anicut acting as lenders, the two entities have now become joint shareholders in BTB. As per media reports, people aware of the development said the move was intended to “ring-fence” The Beer Café business and its employees amid concerns that B9 Beverages could face insolvency proceedings.
Rahul Singh, founder and chief executive of The Beer Café, confirmed the change of ownership. “With a clear focus on innovation, quality, and responsible growth, we’re entering this next phase with renewed energy and commitment,” he told ET.
B9 Beverages founder and CEO Ankur Jain, however, said the company has challenged the takeover in court. “Some lenders have taken actions that are in contravention of contractual terms and illegal. B9 has disputed these actions,” Jain said in a written response to ET. According to him, the Delhi High Court passed an interim order on 17 October restricting Anicut Capital from selling or creating any third-party interest in BTB shares while the matter remains sub judice.
Mounting financial stress
B9 Beverages, which built one of India’s fastest-growing craft beer brands, has been under financial strain for several quarters. The company reported a net loss of Rs 748 crore in FY24 with the revenue standing at Rs 638 crore. Its accumulated losses stood at Rs 1,904 crore, and liabilities exceeded assets by Rs 619.6 crore as of 31 March 2024. Sales volumes fell sharply to 6–7 million cases in FY24, from 9 million the year before, according to company data. B9 Beverages has yet to file its FY25 financials.
Kirin Holdings currently owns about 20.1% of B9 Beverages, while Peak XV Partners (formerly Sequoia Capital India) holds 14.6%. Founder Ankur Jain and his family own 17.8%, with the remainder distributed among smaller investors and family offices.
B9 Beverages had acquired BTB in 2022 in an all-stock deal. The subsidiary operates across five verticals in the beverages and on-premise hospitality space, including The Beer Café chain of 42 outlets, Bira 91 Taprooms (run under licence), the cloud bar Thrsty, the kitchen brand Instacrave, and quick-service format Burger Brewery. BTB accounted for nearly 35% of B9 Beverages’ consolidated revenue in FY25, making it one of the company’s key businesses.e in FY25, making it one of the company’s key businesses.