 "Japan's Kirin Holdings mulls exit from B9 Beverages as losses, debt mount")
Japan’s Kirin Holdings, the largest investor in Indian craft beer brand Bira 91, is exploring a possible exit from its stake in B9 Beverages, according to a report by The Economic Times. The Japanese liquor giant is in talks with B9’s founder, Ankur Jain, to allow a new strategic investor to step in.
Kirin, ranked among Japan’s top three liquor companies along with Asahi and Suntory, held a 20.1 per cent stake in B9 Beverages as of June 2025, ahead of Jain’s 17.8 per cent holding.
The company first invested in B9 in 2021. However, Kirin’s global strategy has evolved, and it is now divesting certain alcohol and beverage investments. The latest talks for the exit occurred in October, with Jain being in touch with Kirin’s Tokyo headquarters over the past three months, the report said.
Kirin is said to have engaged EY to manage the sale of its debt, which was extended to B9 Beverages in two tranches. Initially, Kirin had invested around $30 million in January 2021, combining debt and equity, followed by another loan last year alongside Tiger Pacific.
Financial struggles at B9 Beverages
B9 Beverages has faced a series of financial challenges. The company changed its legal name in 2024 from 'B9 Beverages Private Limited' to 'B9 Beverages Limited' ahead of a planned IPO. This required re-registration of products with state excise authorities, causing 4-7 months of business disruptions and inventory write-offs.
High fixed costs from commissioning four breweries between 2015 and 2019 further strained the company. As competitors offered more attractive pricing, B9’s sales fell sharply, pushing losses higher, the news report said. Debt servicing added to the burden, resulting in a net loss of ₹748 crore in FY24 on revenues of ₹638 crore, a 22 per cent year-on-year decline. Total debt now stands at around ₹1,000 crore.
The financial strain has fuelled tension between B9’s founders and investors such as Peak XV, Sofina, and debt provider Anicut Capital, the news report said. Kirin has already written down the value of its debt and equity holdings earlier this year.
Bira 91 loses control of The Beer Cafe
Last month, B9 Beverages lost control of its pub chain, The Beer Cafe, after Kirin Holdings and debt lender Anicut Capital took over pledged shares. The takeover affects BTB (Better Than Before), the company managing 42 outlets under The Beer Cafe and other ventures, effectively removing B9 Beverages from ownership.
B9 had acquired BTB in 2022 through an all-stock deal. BTB contributes roughly 35 per cent of B9’s revenue and manages hospitality and beverage ventures including Bira 91 Taprooms, cloud bar Thrst, cloud kitchen Instacrave and Burger Brewery.
Currently, Kirin holds 20.1 per cent of B9, Peak XV 14.6 per cent, Jain and family 17.8 per cent, with the rest held by smaller investors.