Anicut Capital Takes Control Of Bira 91 Founder Ankur Jain’s Stake

Alternative investment firm Anicut Capital has reportedly taken control of Bira 91 founder Ankur Jain and his family’s over 17% stake in debt-laden beer maker’s parent B9 Beverages. 

The development comes about a week after Jain stepped down from the startup’s board and relinquished executive control and ownership following a prolonged dispute with lenders and investors. 

Anicut Capital is also expected to nominate three directors to B9 Beverages’ board, including cofounder IAS Balamurugan, and lead the startup’s restructuring efforts, according to an ET report. 

Anicut Capital declined to comment on Inc42’s queries on the development. 

Anicut had extended loans to B9 Beverages between 2017 and 2022, secured against the promoter family’s stake. Jain and his family also controlled about 26% of the startup’s voting rights. 

Under the settlement, Jain and his family exited B9 Beverages with immediate effect, while lenders agreed to withdraw their claims and legal proceedings and release the personal guarantees he had provided against the startup’s borrowings. 

Jain apologised to employees for delays in clearing their dues, saying repeated fundraising had helped Bira 91 survive multiple financial crises before its inability to raise fresh capital over the past 18 months intensified pressure from lenders and investors. 

“Bira 91 needs fresh capital, a clear balance sheet, and a management team that can build the next phase without the weight of everything that came before,” Jain said in a social media post.

Jain’s exit follows a prolonged financial crisis at B9 Beverages, which led to production being suspended and its debt and liabilities ballooning to around ₹1,000 Cr. 

The beer maker is now expected to be recapitalised by existing investors and lenders under a revival plan aimed at clearing statutory, employee and vendor dues, and restarting operations.  

B9 Beverages’ shareholders include Peak XV Partners, Sofina, and Japan-based Kirin Holdings. Anicut Capital and Hero Corporate Services’ family office are among B9 Beverages’ key lenders.

Earlier this year Hindusthan National Glass & Industries Ltd issued a legal notice to B9 Beverages over unpaid dues and uncollected inventory. The glassmaker alleged that B9 Beverages failed to take delivery of more than 51 Lakh customised bottles and clear payments related to invoices, interest, storage and mould charges.

How Bira 91’s Crisis Escalated  

Founded by Jain in 2015, Bira 91 grew into one of India’s best-known craft beer brands, raising more than $200 Mn from investors. Its annual revenue crossed $100 Mn in FY23.

The startup’s troubles began after it converted into a public company, triggering fresh excise approval requirements across multiple states that disrupted production and sales. It later wrote off inventory worth about ₹80 Cr and fell behind on vendor payments. 

Jain told Inc42 that B9 Beverages’ liabilities stood at around ₹300 Cr as of May 2025. Employees, however, claimed the figure was far higher, at more than ₹1,400 Cr. They said this included ₹950 Cr in debt, ₹150 Cr in statutory dues and ₹300 Cr owed to vendors. They also alleged that salaries had gone unpaid since July 2024 and provident fund contributions had not been deposited for more than 15 months.

The startup reported a net loss of ₹748 Cr in FY24, with accumulated losses of ₹2,117.9 Cr and negative cash flow of ₹42.2 Cr. Its auditor also warned that current liabilities exceeded assets by ₹487 Cr as of March 2024.

Inc42 had also reported that B9 Beverages’ board waived the recovery of more than ₹4.5 Cr in excess remuneration paid to Jain, his wife Ankeeta Pawa and his mother Shashi Jain. 

As B9 Beverages’ financial and governance challenges deepened, investors and lenders sought greater control of the startup, ultimately leading to Jain and his family stepping away from the board and the business. 

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