B9 Beverages, the maker of Bira 91, is undergoing a major restructuring led by its lender Anicut Capital. The plan involves settling debts and facilitating the exit of key investors like Kirin Holdings and Peak XV Partners. With operations stalled and liabilities reaching up to ₹1,500 crore, the company aims to clean its balance sheet to attract fresh funding.
B9 Beverages, the private company behind the Bira 91 craft beer brand, is undergoing a significant financial overhaul as it attempts to address severe operational distress. Anicut Capital, the company’s primary lender, has taken a leading role in this restructuring process. This shift follows the departure of founder Ankur Jain in July, after Anicut Capital seized his 17.8% stake in the firm as collateral against unpaid loans.
The restructuring plan focuses on clearing the cap table to make the company attractive to new investors. Currently, major legacy backers—including Japan’s Kirin Holdings, Peak XV Partners, and Belgium’s Sofina—hold a combined stake of approximately 41.1%. These investors are reportedly looking to exit their positions. For the brand to restart its operations, these shareholders must agree to a valuation that aligns with the current financial reality of the business. Reports indicate the company is being benchmarked at a valuation of roughly ₹300 crore, a sharp markdown from its previous peak valuations.
The scale of the financial pressure is substantial, with the company facing total liabilities estimated between ₹1,000 crore and ₹1,500 crore. Operations have remained largely stalled for the past year, creating a liquidity crisis. Financial creditors, such as IDFC First Bank and Trifecta Capital, are currently facing the possibility of significant loan write-offs. Internal expectations for debt recovery are reportedly as low as 20% of the total exposure, highlighting the severity of the financial situation.
Beyond the debt and equity restructuring, the company is actively working to stabilize its operational chain. Management has reportedly initiated settlement offers with about 60 large vendors, aiming to clear long-standing dues and restore supply chain confidence. The success of this turnaround strategy depends on whether the company can successfully consolidate control and clear enough debt to bring in fresh capital from new sources, such as family offices or private equity firms.
As B9 Beverages is a private company, there is no public stock price to monitor. However, the situation serves as a case study in how lenders and investors manage distressed assets in the Indian startup ecosystem. The key update to track next will be the outcome of negotiations with the existing 41.1% shareholder group and the ability of the new board to secure enough fresh funding to resume commercial production.