Anicut Capital Takes Over Bira Founder Ankur Jain’s Stake to Lead Restructuring

Anicut Capital has assumed control of founder Ankur Jain’s pledged stake in B9 Beverages, the maker of Bira 91, positioning the venture debt firm to lead the company’s restructuring efforts amid mounting financial challenges. The development marks a significant shift in the ownership and governance of one of India’s best-known craft beer brands.

The venture debt provider, which extended loans to B9 Beverages between 2017 and 2022, had created a lien on the promoter family’s 17.8% shareholding. Following the transfer, Anicut Capital is set to appoint three representatives to the company’s board, including co-founder IAS Balamurugan, to oversee the restructuring and guide the business towards financial stability.

The development follows founder Ankur Jain’s recent resignation from the board and his decision to relinquish executive control under a settlement reached with investors and lenders. The agreement resolved a prolonged dispute and paved the way for a broader recapitalisation plan aimed at reviving the company.

B9 Beverages is estimated to be carrying liabilities of around ₹1,000 crore, with investors including Peak XV Partners, Sofina, and Kirin Holdings among its key shareholders. The restructuring is expected to focus on strengthening governance, addressing outstanding liabilities, attracting fresh capital, and restoring business operations over the coming months.

With Anicut Capital taking a leadership role in the turnaround process, the restructuring represents a crucial milestone for Bira 91 as it seeks to rebuild investor confidence, resume operations, and chart a sustainable path for future growth.