Summary
In a definitive relocation, Kirin Holdings, the primary stakeholder of Bira 91, in addition to its monetary partner Anicut Capital, have actually organized The Beer Cafe, a subsidiary of Bira 91. This takeover comes in the middle of the brewery’s continuous battles with financial resources and decreasing sales figures.
B9 Beverages’biggest investor and loan provider have actually taken control of the Bira 91 beer maker’s wholly-owned subsidiary, The Beer Cafe, by getting the shares in the club operator promised by its moms and dad reeling under decreasing sales and a money crunch.
The beer maker’s biggest investor, Kirin Holdings of Japan, and loan provider Anicut Capital have actually acquired the vowed shares of BTB (Better Than Before), which runs 42 clubs under The Beer Cafe chain along with other food and drinks services.
The brand-new capital structure leaves absolutely nothing for B9 Beverages, BTB’s filings with the registrar of business revealed on Tuesday. B9 Beverages creator Ankur Jain, nevertheless, stated BTB continued to be a wholly-owned subsidiary which the business has actually challenged the actions by its lending institutions in court.
B9 Beverages had actually promised the shares as security versus loans. Being the biggest investor, Kirin is likewise a loan provider to B9 Beverages, taking part in its external industrial loanings, stated individuals in the understand.
New Delhi-based B9 Beverages got BTB in 2022 in an all-stock offer. BTB contributed near 35 %of B9 Beverages’combined earnings in financial 2025.
With the most recent advancement, Kirin and Anicut have actually ended up being the joint investors of BTB. This relocation was to protect The Beer Cafe in case B9 Beverages lands in the insolvency court, stated an executive privy to the advancement.
“The possession of pledged shares was taken by the lenders and Kirin to ring-fence BTB and its employees, and they have reaffirmed their faith in the current management of BTB,” stated another executive.
The Beer Cafe and BTB creator and CEO Rahul Singh verified the modification of ownership. “With a clear focus on innovation, quality, and responsible growth, we’re entering this next phase with renewed energy and commitment,” Singh informed ET.
Jain, nevertheless, stated B9 Beverages had actually challenged the relocation by its loan providers. “Some lenders have taken actions that are contravention with contracts and illegal, and B9 has disputed these actions,” he stated in an emailed reaction to ET’s concerns. The business challenged Anicut Capital’s action in the Delhi High Court and the court passed an interim order on October 17, which put a limitation on Anicut on any sale or production of third-party interests on BTB shares, he stated. “Given that the matter is sub-judice, it may not be appropriate for me to comment in more detail on the matter.”
Anicut Capital and Kirin Holdings decreased to comment.
In FY24, B9 Beverages reported an unfavorable money circulation of 84 crore and collected losses of 1,904 crore. Its liabilities went beyond possessions by 619.6 crore as on March 31, 2024. The business has actually not yet submitted its financials for financial 2025. Its bottom line for financial 2024 stood at 748 crore, with profits of 638 crore. Sales volume was up to 6-7 million cases from 9 million cases in FY23.
The beer maker’s essential board members consist of creator Ankur Jain, his mom and other half. Since June 2025, Kirin held a 20.1% share in the business, while Peak XV held 14.6% and Jain and his household owned 17.8%. The remainder of the ownership was divided in between some household workplaces and smaller sized financiers.
As a group, BTB runs throughout 5 organization verticals in the drinks and on-premise hospitality area, consisting of The Beer Cafe, Bira 91 Taproom bars (run under license), cloud bar Thrsty, cloud cooking area brand name Instacrave and hamburger chain Burger Brewery.
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