Legal battle brews: Bira 91’s Ankur Jain moves Delhi HC against Kirin Holdings and Anicut Capital’s Beer Cafe takeover
Japan’s Kirin Holdings and Anicut Capital, the largest shareholder and lender of B9 Beverages, have seized control of Bira 91’s The Beer Cafe, launching a legal fight in the domestic craft beer industry.
According to applications made to the Registrar of Companies, the purchase was made by demanding the shares pledged by B9. However, B9 Beverages challenged Anicut Capital’s actions in the Delhi High Court.
Beer Cafe operates under Better Than Before (BTB), a wholly owned subsidiary of B9 Beverages Pvt Ltd, which owns Bira 91.
To talk live mint, Bira 91 Founder and CEO Ankur Jain said BTB “remains a wholly owned subsidiary of B9.” He alleged that some lenders “engaged in contractual and illegal actions.”
Jain said B9 has challenged Anicut Capital’s actions in the Delhi High Court. According to him, the court issued an interim order on October 17, 2025, restraining Anicut from selling BTB shares or establishing third-party shares.
“Given that the matter is sub-judice, it may not be appropriate for me to comment further on the matter,” Jain added.
Beer Cafe reportedly has a turnover of approx. ₹100 crore and remains one of B9 Beverages’ few profitable and growing segments.
BTB founder says this is investor action, not business interruption
Rahul Singh, founder and CEO of BTB, said: live mint What is happening is that there is a shareholding realignment. “The BTB shares pledged as collateral by B9 Beverages Limited were claimed by investors Kirin Holdings and Anicut Capital in accordance with their contractual rights.
“BTB Marketing Private Limited, which owns The Beer Café and our other brands, is now an independent company backed by these institutional investors. Day-to-day operations, management and brand decisions continue entirely under BTB’s leadership,” Singh said.
According to Singh, the lien filing was a contractual investor action, not a business interruption. “The shares were initially pledged by B9 Beverages to secure the financing. When the investors exercised their rights, BTB’s ownership changed accordingly. This is a standard process in structured finance and has no operational or financial impact on BTB or The Beer Café.”
The BTB founder said that this development marks the beginning of a new growth phase for the company and is not the beginning of anything negative.
“We now operate as an independent company with clear management, strong corporate partners and multiple consumer verticals – The Beer Café, Beer 91 Taproom (operated under licence), Thrsty, Instacrave and Burger Brewery. Our focus is to scale these brands responsibly and continue to deliver Better Than Before experiences. This is what BTB stands for,” he noted.
Stating that for BTB, the issue is entirely related to procedure and that the company proceeds in accordance with contract laws, Singh said that the same leadership team has been operating The Beer Café since 2007 and “the continuity has not changed”.
BTB’s Board of Directors, as reflected in the latest MCA filing, consists of the founding directors as well as a recently added Anicut Capital nominated director for management.
Beer producer’s troubles
The latest acquisition comes just days after Mint reported that some major corporate stakeholders in B9 Beverages were considering sacking Jain over concerns about his management of the financially struggling company.
Investors and lenders, including Peak XV (formerly Sequoia India), Sofina, Sixth Sense Ventures, Anicut Capital and Japan’s Kirin Holdings, discussed the state of the business in a virtual call on September 9. Most shareholders agreed to provide fresh funding to the company if Jain resigned.
However, Jain rejected any such request from investors or a formal offer made to him.
B9 is experiencing declining revenues, mounting losses, tax issues, and overdue vendor payments. Approximately 250 employees submitted a petition to the B9 board of directors and investors regarding delayed salaries and management problems. Economic Times It was previously reported.
B9 Beverage investors
Institutional investors hold the largest stake with 28.6% stake in B9 Beverages, led by Peak XV (formerly Sequoia India) along with Sofina, Sixth Sense, MUFG Bank, Tiger Pacific, Mayfield and GHIQF Mauritius. Kirin Holdings owns 20.3% of B9.
Promoters, including Ankur Jain and his family, own 17.8% of the total assets. Additionally, the remaining shares are held by employees, individuals and family offices, who collectively own approximately one-third of the company.
