Private Equity

PE-VC Fund Investments

Anicut Capital takes over founder’s 17.8% stake in Bira91 beer maker

Economic Times  

Chennai-based Anicut Capital has assumed control of the 17.8% stake in B9 Beverages, previously held by founder Ankur Jain and his family. The venture debt firm, which provided financing to the company between 2017 and 2022, has initiated a restructuring of the debt-laden brewer. Anicut Capital is set to appoint three nominees to the board, including its co-founder, IAS Balamurugan.Founded in 2015 by Ankur Jain, B9 Beverages sells Bira 91 beer. The company has faced financial pressure due to debt and liabilities amounting to INR 1,000 crore. The shareholders include Peak XV Partners, Sofina and Japanese alcohol major Kirin Holdings, apart from individuals and family offices. Hero Corporate Services' family office is one of the lenders of the company along with Anicut Capital.The takeover of the pledged stake follows Ankur Jain's decision to step down from his board positions and relinquish executive control of the firm.

Between Jan 2016 and Jun 2025, Bira 91 had attracted about $ 335 M from Peak XV Partners, Anicut Capital, Sixth Sense Ventures, MUFG Innovation Partners, RB Investments, Others.For FY25, Bira 91 had reported about INR 555 Cr in Operating Income and about INR 643 Cr in Net Loss.