Kirin Holdings of Japan and Anicut Capital, identified as the largest shareholder and lender of B9 Beverages, have officially taken control of Bira 91's retail arm, The Beer Cafe. This acquisition was executed by claiming shares that had been pledged by B9, as indicated by recent filings with the Registrar of Companies. The Beer Cafe operates under Better Than Before (BTB), which is a wholly owned subsidiary of B9 Beverages Pvt Ltd, the parent company of the Bira 91 brand.

Ankur Jain, Founder and CEO of Bira 91, addressed the situation, asserting that BTB “continues to be a wholly owned subsidiary of B9.” He further alleged that certain lenders had undertaken “actions that are in contravention with contracts and illegal.” In response to these actions, Jain confirmed that B9 has challenged Anicut Capital's move in the Delhi High Court. On October 17, 2025, the court issued an interim order specifically preventing Anicut from selling or establishing any third-party interests in BTB shares, pending further legal proceedings.

Despite B9 Beverages' broader financial woes, The Beer Cafe stands out as one of its few profitable and expanding segments, boasting an approximate turnover of ₹100 crore, according to various news reports citing informed sources. The broader struggles of B9 Beverages are significant, characterized by declining revenues, escalating losses, persistent tax issues, and overdue payments to vendors. This challenging financial landscape provides the backdrop for the recent acquisition and internal corporate disputes.

The latest development follows earlier reports that major institutional stakeholders within B9 Beverages were contemplating the removal of founder and CEO Ankur Jain. These discussions stemmed from growing concerns regarding his management of the financially beleaguered company. A virtual meeting on September 9 saw investors and lenders, including prominent entities such as Peak XV (formerly Sequoia India), Sofina, Sixth Sense Ventures, Anicut Capital, and Japan’s Kirin Holdings, deliberating on the company's precarious state. During these discussions, a majority of shareholders reportedly agreed to inject new funds into the company, contingent upon Jain’s resignation, although Jain has publicly denied any such formal demand or offer.

Further compounding the company's internal challenges, approximately 250 employees have reportedly submitted a petition to the B9 board and its investors. This petition raises serious concerns about delayed salaries and broader governance issues within the organization, as previously reported by The Economic Times.

B9 Beverages' ownership structure is notably diverse, with institutional investors collectively holding the largest stake at 28.6%. This group is spearheaded by Peak XV and includes Sofina, Sixth Sense, MUFG Bank, Tiger Pacific, Mayfield, and GHIQF Mauritius. Kirin Holdings itself holds a significant 20.3% stake in B9. Promoters, comprising Ankur Jain and his family, collectively own 17.8% of the company's total shares. The remaining approximately one-third of the company's shares are distributed among employees, individual investors, and various family offices.