Services India Market By industry Case Studies Trade Shows Insights News Company Download Materials

BIRA 91 | A craft beer still in mediation with creditors while production stays halted

2026.03.26

Article summary

BIRA 91 (operated by B9 Beverages) is a craft beer brand launched in Delhi in 2015. Revenue for FY2024 (the year ended March 2024) fell 22% year on year to ₹638 crore (1 crore = 10 million rupees), with a net loss of ₹748 crore and debt on the order of ₹1,000 crore. Production has been stopped since July 2025 and had not restarted as of September 2026. In July 2026, founder Ankur Jain stepped down and gave up his 17.8% stake to Anicut Capital. On September 15, 2026, the NCLT in Delhi referred the company and its creditors to mediation and barred the disposal of assets. The largest shareholder is Kirin Holdings, which held 20.1% as of June 2025 and is reported to have taken a write-down and to be continuing talks on selling the stake.

This article is based on what we could verify As of September 19, 2026 This page is based on the disclosures and news reports from each company that we were able to confirm as of that date. Amounts in the text follow the notation commonly used in India, with ₹1 crore = 10 million rupees, and yen figures are approximations calculated at a little over 1.7 yen to the rupee. Store counts, funding raised, and results at Indian companies change over short periods, so when making a business decision, please check the latest information in primary sources such as each company's own announcements.

BIRA 91 is the brand that created a craft beer shelf in India when it launched in 2015. From 2025 its cash position deteriorated and production stopped, and as of September 2026 mediation with creditors is still under way. Its largest shareholder is Japan's Kirin Holdings, which is reported to have entered talks to sell the stake.

Company profile

Item	Details
Year founded	2015
Headquarters	Delhi
Founder	Ankur Jain (stepped down from the board in July 2026 and gave up his 17.8% shareholding)
Revenue	₹638 crore (FY2024, the year ended March 2024; about 11 billion yen. Down 22% year on year). Net loss was ₹748 crore
Employees	Not disclosed
Listing	Unlisted (IPO plans suspended)
Main investors	Kirin Holdings (largest shareholder with 20.1% as of June 2025), Peak XV Partners, Sofina, Anicut Capital

Recent developments

From July 2025 production stopped, in part because the process of renewing liquor licenses in several states stalled, and it had not restarted as of September 2026. Revenue for FY2024 (the year ended March 2024) fell 22% year on year to ₹638 crore, the net loss was ₹748 crore, and debt swelled to the order of ₹1,000 crore. In July 2026, founder Ankur Jain resigned from the board and let go of the 17.8% shareholding he held. Anicut Capital acquired that stake.

The restructuring is not settled. On September 15, 2026, the NCLT (National Company Law Tribunal) in Delhi referred B9 Beverages and its creditors to mediation and issued an order barring the disposal of assets. Creditors pushed back against a proposal to settle a ₹19.04 crore debt owed to Unity Small Finance Bank for ₹3 crore, and views have been raised that the process is being drawn out and that assets may drain away. The glass bottle maker HNGIL also issued an insolvency notice over ₹11.77 crore in unpaid bills. Investors said to be ready to put money in have appeared, but a capital increase remains at the planning stage. IPO plans are suspended as well.

Seen from Japan, the position of Kirin Holdings carries weight. As of June 2025 it was the largest shareholder with 20.1%, ahead of founder Ankur Jain at 17.8%. Kirin wrote down the value of its investment and its receivables in February 2025 and has since been reported to be continuing talks with Jain on selling the stake, but no final agreement had been announced as of September 2026. It is a working example of how a minority investment in an overseas brand can become stuck when the local company runs short of cash.