Kirin Holdings is reportedly in talks to exit its investment in B9 Beverages, where it holds a 20.1% stake.
The potential move comes after Kirin and lender Anicut Capital took control of B9’s pub business, The Beer Café, last month.
Both investors now jointly control BTB, the company managing The Beer Café’s 42 outlets and other F&B ventures.
Japanese liquor firm Kirin Holdings is reportedly in talks with B9 Beverages Ltd for a possible exit from its investment. The company holds a 20.1% stake in the Bira 91 maker as of June 2025.
The discussions come after Kirin, along with another B9 lender Anicut Capital, took control of the company’s pub business, The Beer Café, last month. Kirin Holdings and Anicut Capital now control BTB (Better Than Before), the company behind The Beer Café’s 42 outlets and other F&B ventures.
31 October 2025
Get the latest issue of Outlook Business
“The recent ownership change has no impact on day-to-day operations or consumer experience. In fact, for some months there have been no Bira 91 supplies, so the brand does not currently appear on the menu — and our guests have no particular association between The Beer Café and Bira 91,” Rahul Singh, CEO of The Beer Cafe, told Outlook Business earlier.
Kirin initially invested around $30 million in B9 Beverages in January 2021 through a mix of debt and equity. It later provided an additional loan last year, alongside Tiger Pacific.
The plan, according to the Economic Times (ET) report, was to remain invested for a longer period. However, the Japanese firm has since revisited its global strategy and is now looking to divest some of its alco-bev holdings.
B9 Beverages founder Ankur Jain told the newspaper, “All options are on the table.”
Exit talks come as the beer maker faces severe financial strain. In FY24, Bira 91 reported a net loss of ₹748 crore on revenue of ₹638 crore, negative cash flow of ₹84 crore, and total losses rising to ₹1,904 crore, with liabilities exceeding assets. Sales volumes also dropped to 6–7 million cases from 9 million the previous year.
The auditor noted in its annual report that the company has lost its entire net worth, with accumulated losses climbing to ₹2,117.98 crore by March 2024. Adding to the pressure, over 250 employees wrote to the board and major investors last month seeking a leadership change amid delayed salaries and reimbursements. Kirin Holdings owns 20.1% of B9 Beverages, Peak XV Partners 14.6%, and Jain and his family around 17.8%.
Last month, Outlook Business reported that a group of current and former employees of B9 Beverages Ltd had written to multiple central and Delhi state government departments, seeking urgent intervention over alleged large-scale financial irregularities, statutory defaults, and prolonged non-payment of dues.
