Japan’s Kirin Holdings is preparing to divest its entire stake in B9 Beverages, the maker of Bira 91, after the Indian craft brewer suffered severe operational and financial setbacks over the past year. Founder Ankur Jain has begun searching for a replacement strategic investor as discussions with Kirin, ongoing since October, have not produced a binding agreement. According to the Asia Brewers Network, Kirin informed B9’s management that it intends to step aside for a new partner, ending its role as the brewer’s largest shareholder with a 20.1% stake as of June 2025.
Kirin first invested about USD 30 million in 2021 through a mix of equity and debt (inside.beer, 5.1.2021), later extending additional loans together with Tiger Pacific Capital with and increasing its share to over 20. (inside.beer, 20.9.2022, inside.beer, 19.2.2024). Other key investors include Ankur Jain (Founder) & Family with 17.8%, Peak XV (formerly Sequoia India) with 14.6% and Belgium based Sofina with 6.4%.
The Japanese group has now mandated EY to sell its debt exposure in two tranches, marking a broader retreat from the company. In October, Kirin and debt provider Anicut Capital seized pledged shares of Better Than Before, operator of The Beer Café chain with 42 outlets, prompting Jain to challenge the move before the Delhi High Court.
B9 Beverages’ difficulties accelerated after it changed its legal name from B9 Beverages Private Ltd to B9 Beverages Limited in preparation for a potential IPO. The switch required re-registering its entire portfolio with state excise authorities, creating 4–7 months of disruptions and causing significant inventory write-offs (inside.beer, 19.2.2025). The brewer was already burdened by the high fixed costs of four breweries commissioned between 2015 and 2019. Financial filings show a FY2024 net loss of INR 7.48 billion (USD 90.4 million) on revenue of INR 6.38 billion (USD 77.2 million), with total debt rising to INR 10 billion (USD 121 million). Investors have become increasingly hesitant to commit fresh funds as operating conditions have further tightened. As reported by the Asia Brewers Network, industry executives estimate that B9 is seeking roughly USD 132 million to stabilise operations and reduce debt.
Growing pressure has intensified tensions among shareholders, including Peak XV, Sofina and Anicut Capital, according to The Economic Times. These strains were amplified by the enforcement action regarding The Beer Café, adding a legal dimension to the conflict between Jain and his financial backers.
Kirin’s planned withdrawal from India aligns with its global strategy shift. The company is rebalancing its portfolio away from alcoholic beverages and exploring the sale of its Four Roses bourbon brand for around USD 1 billion (inside.beer, 24.10.2025), while increasing investments in health and wellness. It exited a Chinese bottled water venture three years ago and later sold its stake in a brewery partnership in Myanmar, before investing USD 1.5 billion in Japanese supplement maker Fancl (inside.beer, 27.1.2023).
India’s beer market continues to show long-term potential. Research firm Imarc forecasts industry growth from INR 444.6 billion (USD 5.38 billion) in 2024 to INR 802.5 billion (USD 9.72 billion) by 2033, driven by rising premiumisation, greater brand awareness and increasing consumption among young adults. Whether B9 Beverages can benefit from this trajectory now depends on securing substantial new capital to overcome its current liquidity crisis.
