Bira 91 logo

Bira 91

New Delhi, India Beverages & Alcohol Private

Bira 91 is an Indian craft beer brand owned by B9 Beverages Ltd, New Delhi, launched in 2015. Once India's fourth-largest beer company, it unravelled after its January 2024 conversion from Private Limited forced state-by-state excise re-licensing, freezing sales and driving an INR 748 crore FY24 loss. Production has been suspended since September 2025 against liabilities of INR 1,000-1,500 crore. Founder-CEO Ankur Jain left the board in July 2026; an Anicut Capital-led board is pursuing recapitalisation while more than fifteen creditor insolvency petitions are pending at the NCLT, which ordered mediation and barred asset disposals on 15 September 2026.

Overview

Company data and valuation marks are estimates and may be incomplete, stale, erroneous, or revised.

Founded

2015

Employees

201–500

Total Funding

$240.3M

13 rounds

Latest Valuation

$0.63B

Mar 1, 2024

Secondary Signals (Note: SetterVC does not verify the accuracy of these)

3 signals
Restructuring Recent 2026-09-15

NCLT ordered B9 Beverages/Bira 91 into mediation over a Unity Small Finance Bank insolvency petition, with an asset freeze imposed.

Formal insolvency proceedings and asset freeze sharply raise downside/illiquidity risk for any holder.

Leadership Change Recent 2026-07-23

Founder Ankur Jain stepped down from B9 Beverages board and relinquished executive powers and 17.8% family stake in settlement with lenders and investors.

Founder overhang removed ahead of recapitalisation; existing holders may be diluted.

Strategic Recent 2025-11-20

Reportedly, Kirin Holdings (20.1% stake) is in talks to exit its B9 Beverages investment after writing down its holding.

Largest investor seeking exit signals expected write-down/markdown pressure on remaining holders.

Funding

Funding data and valuation marks are estimates and may be incomplete, stale, erroneous, or revised.

Rounds in grey italics are unconfirmed.

Total raised $240.3M across 13 rounds

Last updated 10-08-2026

DateRoundAmount RaisedValuationLead Investors
Apr 23, 2026 Recapitalisation (reported) INR 400 crore reported (+INR 100 crore option) — Not disclosed
Oct 9, 2025 Revival raise (reported) ~$100M-$132M reported (equity plus structured debt) — Global Emerging Markets
Jun 16, 2025 Rights issue $10.2M — DS Group

Valuation Trajectory

Funding data and valuation marks are estimates and may be incomplete, stale, erroneous, or revised.

$200M $500M 2020 2022 2024 Bira 91

Entry · Series B

$210M

May 2018

Bira 91 today

$625M

Mar 2024 · latest mark

Bira 91 multiple

3.0x

valuation uplift since first round

Y-axis is logarithmic. Hollow dots = estimated valuations. Does not represent realized investor returns.

Leadership

  • Vikram Qanungo

    Chief Financial Officer

  • Nayanabhiram Deekonda

    Senior Vice President - Sales

  • Manoj Mishra

    Vice President - Manufacturing

  • Ilayaarunachalam Shanmugasamy Balamurugan

    Nominee Director (Anicut Capital)

  • Veenu Mittal

    Nominee Director

  • Venkatesh Parthasarathy

    Nominee Director

Competitors

Competitor list is illustrative and may be incomplete, stale, or erroneous.

  • Heineken

    Global beer company and market leader in India's beer market.

  • AB InBev

    World's largest brewing company with significant presence in India.

  • Carlsberg

    Danish brewing company and major competitor in Indian beer market.

  • Kingfisher

    Indian beer brand owned by Vijay Mallya's UB Group, leading domestic player.

Bira 91 Investment FAQ

Public status and buying access

No. Bira 91 is a private company and does not have a public stock ticker or trade on a public stock exchange. Its shares are generally held by founders, employees, investors, and other private shareholders. Buyers and sellers may be able to transact in Bira 91 shares through private secondary transactions, but any transaction depends on share availability, buyer and seller agreement, transfer restrictions, company approval rights, and any applicable right of first refusal. There is no guarantee that Bira 91 will complete an IPO or other liquidity event.

Yes, it is sometimes possible to buy Bira 91 shares pre-IPO through private secondary transactions. This depends on finding a willing seller, company approval, and satisfying any transfer restrictions or rights of first refusal.

Buyers interested in buying Bira 91 shares on the secondary market typically do so through SetterVC and other secondary-market platforms, subject to eligibility requirements, share availability, transfer restrictions, and issuer approval. Buyers may need to satisfy sophistication, accreditation, institutional, platform, regulatory, or other eligibility requirements before participating. Once eligible, buyers may be able to view listings, make bids, and work with a licensed broker through the transaction process. Buyers should ensure they have appropriate legal and financial advisors guiding them before completing any transaction.

The company's latest round valuation was approximately $625M as of Mar 1, 2024. The latest round valuation is often used as one reference point in secondary-market pricing, but secondary prices may be above or below that valuation at any given time. Secondary pricing can shift significantly based on post-round conditions, such as changes in company performance, supply-demand dynamics, share class, transaction size, transfer restrictions, or broader market shifts. Any implied valuation from a past round should be confirmed with a broker or through live market listings before relying on it.

Valuation and funding

Bira 91 was most recently valued at approximately $625M as of Mar 1, 2024. This is a private valuation and may differ from secondary pricing. Secondary shares may trade above or below this mark based on various factors. SetterVC and Setter Capital does not verify the accuracy of these valuations. Buyers and sellers should always confirm current valuations before completing any transaction.

Bira 91's valuation has changed over time based on funding rounds, tender offers, secondary-market indications, and other reported or collected valuation marks. Bira 91's valuation moved from approximately $210M as of May 2018 to approximately $625M as of Mar 2024. This comparison reflects company-level valuation marks and does not represent realized investor returns. Secondary-market prices may differ from these valuations based on share class, transaction size, transfer restrictions, supply and demand, company performance, and broader market conditions. SetterVC and Setter Capital does not verify the accuracy or completeness of valuation data, and buyers and sellers should confirm current information before relying on it.

Bira 91's latest disclosed funding round was a Rights issue round in Jun 16, 2025. The round raised approximately $10.2M, with DS Group listed as disclosed lead or major investors. Primary funding rounds are different from secondary transactions: in a primary round, capital goes to the company, while in a secondary transaction, investors buy existing shares from current shareholders. Funding-round data reflects publicly reported or collected information and may be incomplete.

Bira 91 has raised approximately $240.3M in disclosed funding across 11 rounds. These figures reflect primary capital raised by the company and do not include every possible secondary transaction, undisclosed round, debt facility, or private transfer. Reported funding totals can change as new rounds are announced or older round details are corrected. Eligible users can use SetterVC to track Bira 91's funding history alongside private-market activity where available.

Bira 91's disclosed investors include DS Group, Kirin Holdings, Tiger Pacific Capital, MUFG Bank, KOIS and Sequoia Capital India. Investor lists are based on public reporting, company announcements, and collected funding-round data, and may be incomplete. Participation in a prior funding round does not mean those investors are currently buying or selling shares. On SetterVC, eligible users can review Bira 91's funding history, valuation history, and private-market activity alongside other venture-backed companies.

Market context

Bira 91's most-cited competitors include Heineken, AB InBev, Carlsberg and Kingfisher. Investors often compare these companies by sector, product focus, valuation, funding raised, growth signals, investor base, and private-market activity.

Secondary-market demand for Bira 91 shares can be affected by company performance, revenue growth, profitability, funding history, valuation, investor interest, sector momentum, public-market conditions, expected timing of a liquidity event, and the availability of shares for sale. Demand can also be affected by transfer restrictions, company approval rights, right of first refusal processes, limited information, and the price expectations of buyers and sellers. Strong demand does not guarantee strong pricing, liquidity, or investment returns. Weak demand does not necessarily reflect the company's long-term prospects. Demand signals should not be treated as a recommendation or prediction of investment performance. Buyers and sellers should treat demand signals as informational and conduct their own diligence before transacting.

Selling and transaction mechanics

Sellers often rely on intermediaries and platforms, such as SetterVC and other secondary-market platforms, to identify potential buyers. The exact process varies by company and transaction, but sellers often begin by confirming their ownership, desired price, transferability, and any company approval or notice requirements. If the seller agrees with a buyer on acceptable price and terms, the company may need to be notified through a share transfer notice or similar process. If a right of first refusal, company approval right, or other transfer restriction applies, the seller may need to wait until that process is completed. The parties may then execute a purchase and sale agreement, complete required transfer documentation, and close if all required conditions are satisfied. Sellers should always seek proper legal and financial advice before completing the transaction.

Yes, current and former Bira 91 employees, early investors, and other existing shareholders may be able to sell vested shares before an IPO through a private secondary sale. This is not automatic; it depends on whether the shareholder has transferable shares, whether there is buyer demand, and whether the company's governing documents permit the transfer. Many companies require prior notice, company approval, or a right of first refusal before shares can be sold. Sellers should also seek proper legal and financial advice before proceeding.

A Bira 91 secondary transaction usually involves an existing shareholder selling shares to a buyer before a public listing. The buyer and seller typically agree on price, number of shares, share class, and closing conditions. The seller may then need to notify Bira 91 through a share transfer notice or similar process. If Bira 91 or existing investors have approval rights, transfer restrictions, or a right of first refusal, those steps may need to be completed before the transfer can close. The parties typically enter into a purchase and sale agreement, complete any required transfer documentation, and close only if the necessary conditions are satisfied. Timing and certainty can vary by company and transaction.

In most private secondary transactions, parties commonly use a purchase and sale agreement that outlines price, terms, and conditions. They may also use share transfer documentation, often a stock transfer notice, share transfer notice, transfer instruction, or similar document, along with any required company approval or right of first refusal materials. Proof of ownership, such as a cap table entry, share certificate, brokerage statement, issuer confirmation, or administrator confirmation, may also be important. Buyers often request recent company financials, but private companies may limit disclosure. Since every deal varies, buyers and sellers should consult legal and financial advisors to understand which documents are needed.

Risk, diligence, and investor caution

Buying Bira 91 shares pre-IPO is risky. Shares are illiquid, no IPO or liquidity event is guaranteed, valuations can change, transfers may require company approval, and private companies may provide limited financial disclosure. Be prepared for total loss. SetterVC and Setter Capital do not provide due diligence, legal, tax, accounting, valuation, or investment advice. Buyers must conduct their own due diligence, verify information, and seek independent legal and investment advice before proceeding.

Private secondary shares are typically illiquid. Unlike public stocks, there is no active public market, so selling them can be difficult and time-consuming. Sales depend on finding a willing buyer and often require company approval. Investors should be prepared to hold the shares for an extended period, with no guarantee of a future sale. Always assess your need for liquidity before investing.

SetterVC and Setter Capital do not provide due diligence, legal, tax, accounting, valuation, or investment advice. Buyers must conduct their own due diligence, including verifying ownership, transferability, legal structure, company approval, and assessing the company's prospects. SetterVC and Setter Capital do not provide advice on whether an investment is good, what price to pay, or what the best bid or ask is. SetterVC and Setter Capital may share documents in some circumstances, but it does not guarantee their accuracy or completeness. Due diligence is essential. Seek legal and investment advice as needed.

Before buying Bira 91 shares, a buyer should try to review the share class, price per share, implied valuation, transfer restrictions, ROFR process, company approval rights, seller ownership evidence, recent financing or tender-offer information, available financial information, information rights, resale restrictions, tax considerations, and expected liquidity paths. Not all information may be available for a private company. Buyers should confirm available diligence, process details, and information needs with their own legal, tax, and investment advisers.

SPVs carry risks. Examples include the need to confirm the company allows SPV-based transfers, verify that the SPV truly owns the shares or interests it claims to own, and ensure it has not sold more interests than it holds. Due diligence is essential. Seek legal and investment advice as needed.

Forward contracts carry risks. Examples include the seller refusing to transfer the shares at the future date, even if the seller owns them, the seller going bankrupt with creditors claiming the shares, or the seller committing the same shares to multiple parties. Due diligence is essential. Seek legal and investment advice as needed.

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