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Investors take control of Bira 91's Beer Cafe amid cash crunch

Economic Times  

Japan-based Kirin Holdings and Anicut Capital, investors in New Delhi-based B9 Beverages (parent company of beer brand Bira 91), have taken control of the company’s former subsidiary, The Beer Cafe.The takeover was executed by acquiring the pledged shares of BTB (Better Than Before), the entity operating The Beer Cafe chain. Under the new capital structure, B9 Beverages no longer holds equity in BTB. The move is aimed at safeguarding BTB in light of B9 Beverages' ongoing financial challenges.BTB operates 42 pubs under The Beer Cafe chain and manages other food and beverages businesses. As a group, BTB encompasses five verticals: The Beer Cafe, Bira 91 Taproom pubs (operated under licence), cloud bar Thrsty, cloud kitchen brand Instacrave, and burger chain Burger Brewery.B9 Beverages had acquired BTB in 2022 through an all-stock deal.B9 Beverages has reported significant financial distress, with a negative cash flow of INR 84 crore in fiscal year 2024, accumulated losses of INR 1,904 crore, and liabilities exceeding assets by INR 619.6 crore as of March 31, 2024. Its net loss for fiscal 2024 was INR 748 crore on a revenue of INR 638 crore, and sales volume declined from 9 million cases in FY23 to 6-7 million cases.

Between Jan 2016 and Jun 2025, Bira 91 had attracted about USD 335 M from MUFG Innovation Partners, Sixth Sense Ventures, Valiant Capital, Anicut Capital, Peak XV Partners and others.