Anicut Capital Takes Over Founder Stake In Bira 91 Parent B9 Beverages
New Delhi: Venture debt firm Anicut Capital has taken over the shares of B9 Beverages founder Ankur Jain and is expected to lead the restructuring of the financially stressed company that owns the Bira 91 beer brand, according to people familiar with the matter.
The Chennai-, Delhi- and Bengaluru-based financier had provided loans to B9 Beverages between 2017 and 2022. As security against those loans, Anicut had created a lien on the 17.8% stake held by Ankur Jain and his family in the company.
Sources said the Jain family’s shareholding carries voting rights of about 26%, but Anicut Capital will not immediately gain control over those voting rights. Full control is expected only after certain restructuring milestones are completed over the next three to six months.
→ Bira 91 Revival Plan Anicut-Led Board Offers to Buy Out Key Investors→ AB InBev Plans Smaller Packs, Protein Beers and Non-Beer Drinks to Adapt to Changing Consumer Preferences
Three Board Nominees Likely To Join Bira 91
As part of the restructuring process, Anicut Capital is expected to nominate three members to the B9 Beverages board.
One of the proposed nominees is IAS Balamurugan, co-founder of Anicut Capital and a former corporate banker with ICICI Bank.
The development follows recent reports that Ankur Jain is stepping down from all executive responsibilities and board positions at the company. In a farewell message to stakeholders, Jain said he would continue supporting the Bira 91 brand from the sidelines.
B9 Beverages Facing Debt And Liability Pressure
B9 Beverages has been grappling with debt and liabilities estimated at around ₹1,000 crore, which has become a major issue among shareholders, lenders and the founder.
Key shareholders in the company include:
- Peak XV Partners
- Sofina
- Kirin Holdings (Japan)
- Several individual investors and family offices
Among the company’s significant lenders are Hero Corporate Services’ family office and Anicut Capital.
Recapitalisation Efforts Underway
B9 Beverages is reportedly in urgent need of fresh capital to restart operations and stabilise its business.
Promoter families and business groups that have reportedly been approached for a possible recapitalisation include:
- Varun Beverages
- Dabur
- Murugappa Group
- Muthoot Group
- Simba Craft Beer
The company has not officially confirmed the details of these discussions.
About Anicut Capital
Anicut Capital manages assets worth about ₹3,500 crore and operates as both a venture debt provider and equity investor.
Its investment portfolio includes companies such as:
- Cremica
- Epigamia
- Wow! Momo
- Wingreens Farms
- Sugar Cosmetics
- Milky Mist
- Bira 91
The firm was co-founded by IAS Balamurugan and Ashwin Chadha.
India’s Beer Market Continues To Grow
According to a report by IMARC Group, India’s beer market was valued at ₹477.05 billion in 2025 and is projected to reach ₹832.93 billion by 2034, registering a CAGR of 6.45% between 2026 and 2034.
The report attributes the growth to:
- Rising consumption among younger consumers
- Premiumisation and product innovation
- Changing urban drinking preferences
However, it also highlights several challenges for the beer industry, including:
- Uneven state taxation
- Frequent changes in excise policies
- Global supply chain disruptions
What This Means For Bira 91
The transfer of Ankur Jain’s pledged stake to Anicut Capital marks a significant turning point for Bira 91 and its parent company B9 Beverages.
With Anicut expected to lead the restructuring, appoint board nominees and oversee the next phase of financial stabilisation, the coming months will be critical in determining whether the once high-profile craft beer startup can secure fresh funding, restart operations and regain stability in India’s competitive beer market.
About the Author
