Bira91 Unlisted Shares Price & Research
Introduction
B9 Beverages Pvt Ltd (trading as Bira91) has become one of India’s most iconic craft beer brands. Launched in early 2015 by founder Ankur Jain, Bira91 captured the imagination of urban Indians through its quirky branding, distinctive taste profiles, and strong millennial appeal. Though still unlisted, its shares are actively traded in the grey market, reflecting investor enthusiasm and pre‑IPO expectations.
As of mid‑2025, Bira91 unlisted share prices start around ₹350 per share for a 200‑share lot, descending to ₹315 per share for bulk purchases of 5,000 shares. This pricing structure is underpinned by strong volume growth, global ambitions—including footprints in 15+ countries—and high brand recall among younger drinkers.
This article will provide a comprehensive and verified overview of Bira91—covering its leadership team, business model, funding history, competitors, peer analysis, key investors, risks, and how to buy unlisted shares via StartupLanes.
Management Team
- Ankur Jain (Founder & CEO): An IIT Chicago alumnus, he launched Bira91 in India after previous ventures in craft imports. Known for his brand-centric vision and leadership.
- Manoj Kohli & Bharat Anand: Joined the board, bringing deep expertise in large-scale operations and sales.
- Deepak Malhotra (SVP – Sales): Tasked with scaling distribution networks in the consumer segment .
In Q2 2025, Bira91 reinforced its leadership with three senior appointments to propel growth and operational turnaround.
Industry of Business
Bira91 operates in the Indian craft beer industry, a subset of the broader alcoholic beverages market. With 5–7 million cases sold annually, it caters to urban millennials seeking premium and flavorful alternatives to mass-market lagers. This segment is influenced by consumer trends, regulatory changes, and increasing acceptance of craft labels in casual dining and retail.
Products / Services
Bira91’s portfolio includes:
- Bira91 White (wheat beer, 4–4.9% ABV)
- Bira91 Blonde (craft lager, 4.9% ABV)
- Bira91 Light (low-calorie lager)
- Bira91 Strong (7% ABV wheat beer)
- Bira91 IPA (Indian Pale Ale, introduced Oct 2017)
The brand also sold hard seltzer (Grizly), rice strong lager (RISE), and cider variants, expanding beyond beer.
Business Model
Bira91 runs a hybrid brewing model—initial contract brewing in Belgium, shifting to 5 breweries in India to reduce costs. It sells through retail, bars, and taprooms while distributing internationally. The brand monetizes via beer sales and consumer merchandise (T-shirts, growlers) and complements with experiences through taprooms and events.
History of Company
Founded in 2015 by Ankur Jain, Bira91 initially imported beer brewed in Belgium before setting up Indian breweries by 2016. Rapid initial growth, however, ran into regulatory hurdles during a name re-registration in FY24, resulting in 4–6 months of halted sales and an ₹80-cr inventory write-off. Production recovered, but volumes dropped from 9M cases (FY23) to 6–7M (FY24).
Price Table
| Quantity | Price/Share (₹) | Total Amount (₹) |
|---|---|---|
| 200 | 350 | 70,000 |
| 500 | 345 | 172,500 |
| 1,000 | 330 | 330,000 |
| 5,000 | 315 | 1,575,000 |
Prices approximate and vary based on negotiated deals.
Peer Review
Bira91’s performance in the unlisted equity space stands out primarily due to its brand strength, rapid international expansion, and niche appeal among urban millennials**. However, it also faces scrutiny from conservative investors due to its steep valuation and operational challenges.
P/E Ratio and Valuation
As per recent unlisted share prices (₹315–₹350), Bira91’s implied Price-to-Earnings (P/E) ratio is estimated between 85× to 100×, depending on the lot size and purchase price. This is significantly higher than traditional listed breweries like:
- United Breweries (Kingfisher): P/E ~62×
- Radico Khaitan: P/E ~53×
- Globus Spirits: P/E ~36×
- Associated Alcohols & Breweries: P/E ~25×
Bira91’s higher P/E is largely attributed to its “growth stock” premium, driven by:
- A youthful and loyal consumer base
- Increasing international presence (15+ countries)
- Fast-growing premium beer segment in India
While its P/E may seem inflated compared to mature players, investors are pricing in future earnings potential rather than present-day profits.
Revenue Growth vs Profitability
Bira91 reported rapid top-line growth in recent years—clocking over ₹850 crore in revenue for FY23 (as per estimates)—a significant jump from ₹300–₹350 crore just a few years ago. However, the company is not yet profitable, having incurred losses due to:
- Heavy marketing expenditure
- Scaling costs in international markets
- Covid-19 related supply chain disruptions
- Post-COVID demand volatility and regulatory constraints
This divergence between revenue growth and bottom-line stability is typical for early-stage consumer brands aiming for long-term brand dominance over short-term profitability.
Strategic Backing
The market views Bira91 favorably due to its strong institutional investors like Sequoia Capital India, Sixth Sense Ventures, Sofina, and Kirin Holdings (Japan’s top beer company), which bolsters investor confidence. These players provide not just capital but also market access, product insight, and strategic guidance.
Brand Equity & Premium Positioning
Analysts and investors generally agree that Bira91 enjoys a “premium youthful identity”, which has carved out a strong positioning in a commoditized beer market. Its popularity in urban centers and among high-income young adults gives it a significant edge in premiumization trends.
However, critics highlight that the brand may be too dependent on urban tier-1 markets and that expansion into tier-2 cities and deeper rural India may be tougher due to higher price points and limited distribution.
Conclusion of Peer Review
In summary, Bira91 trades at a high valuation based on brand and growth narrative, not current profits. This makes it an attractive mid-to-long-term play for investors who believe in India’s premium alcohol segment and the startup’s ability to scale profitably.
Competitor Analysis: Bira91 vs Major Beer Companies
India’s beer market is dominated by a few large players and an emerging wave of premium and craft beer startups. Bira91 operates in the premium/craft segment, making it both a challenger to incumbents and a peer to newer brands.
🏰 United Breweries (Kingfisher)
Status: Listed on Indian stock exchanges
FY24 Revenue: Over ₹7,000 crore
Parent: Heineken N.V. (holding ~61.5% stake)
Brands: Kingfisher (Strong, Ultra), Amstel, Heineken, Bullet
Market Position: India’s largest beer company by volume and revenue
Strengths:
- Pan-India distribution
- Economies of scale in production and logistics
- Brand loyalty, especially in Tier 2/3 markets
Challenges:
- Legacy image among youth
- Limited innovation in craft/premium SKUs
Investor Note: Despite being a mature company, United Breweries continues to grow due to its extensive network and the Heineken backing. It trades at a P/E of ~62× as of June 2025, showing consistent profitability and financial stability.
🌍 Molson Coors (SAB India – partial footprint)
Status: International public company (Molson Coors Beverage Company, USA)
India Presence: Operates via legacy SAB Miller routes; minor direct market penetration
Brands in India: Miller High Life, Coors, Blue Moon (select markets)
Strengths:
- Global brewing expertise
- Premium and imported positioning
Challenges:
- Small India market share
- Limited local bottling; heavy import duties
Investor Note: Molson Coors is less relevant in terms of volume but sets global craft and packaging trends that Bira91 competes against in metro cities.
🍺 Simba Beer (Simbha Beverages Pvt Ltd)
Status: Private, venture-funded
Founded: 2016
Key Investors: Lightspeed Venture Partners
Brands: Simba Stout, Simba Wit, Simba Strong
Revenue (Estimated FY24): ₹45–60 crore
Strengths:
- Authentic Indian craft positioning
- Youth-focused design and organic branding
- Growing presence in Mumbai, Goa, Delhi NCR
Challenges:
- Limited brewing capacity
- Heavy dependence on metro-city sales
Investor Note: Simba is considered the closest stylistic and market peer to Bira91 in the Indian craft space. However, its scale is significantly smaller.
🌍 BrewDog India
Status: JV between BrewDog UK and Indian franchise partner
Business Model: Craft beer taprooms + limited packaged retail
India Presence: Multiple outlets in Mumbai, Gurgaon, Pune, etc.
Strengths:
- Strong global brand identity
- Taproom-led experience over mass distribution
Challenges:
- Limited scalability in bottled beer
- Focused on urban HNIs, less retail penetration
Investor Note: BrewDog competes in ultra-premium craft, more experience-led than volume-driven. Not a direct threat to Bira91 but competes for brand loyalty in metro markets.
📊 Summary Table: Key Competitor Metrics
| Company | FY24 Revenue (₹ Cr) | Ownership | Market Position | Distribution Type |
|---|---|---|---|---|
| United Breweries | ~7,000+ | Heineken (Listed) | Mass + Premium | National, retail |
| Molson Coors (India) | Limited (~<200) | Global Listed Co. | Premium Import | Select cities |
| Simba | 45–60 (est.) | Lightspeed + Others | Craft | Metro-focused |
| BrewDog India | NA (mostly taprooms) | JV (UK brand) | Ultra-Craft | Taprooms + niche retail |
| Bira91 | ~850 (FY23 est.) | Private VC-backed | Premium + Craft | Urban + Intl Retail |
💰 Funding Comparison
- United Breweries: Publicly traded; fully funded through internal accruals and Heineken.
- Simba: Raised $10M+ across two rounds.
- BrewDog India: Backed by BrewDog UK and Indian hospitality operators.
- Bira91: Over $250M+ raised from investors like Sequoia India, Sixth Sense Ventures, Sofina, and Kirin Holdings.
Bira91 remains the best-capitalized and highest-revenue player among Indian craft startups, giving it a clear competitive edge in marketing, production scale, and international expansion.
📰 News About the Company: Bira91 – Recent Developments (As of July 2025)
Bira91 has made headlines consistently in the Indian startup and beverages ecosystem due to its aggressive expansion, high-profile funding rounds, and operational challenges. The company’s strategic moves and financial turbulence in the past year offer insight into both its growth potential and the roadblocks it faces.
🏦 May 2025: In Talks with BlackRock for ₹500 Crore Structured Debt
In May 2025, Bira91 entered advanced discussions with BlackRock, the world’s largest asset manager, for a ₹500 crore structured debt deal. According to internal sources reported by business media, the aim of this structured debt is two-fold:
- Partial Buyout of Early-Stage Investors:
Bira91 is reportedly looking to provide exits to some of its early angel investors and seed funds who have been on the cap table for over 7–8 years. Structured debt, in this context, offers them a liquidity event without triggering a valuation markdown. - Operational Cash Support:
The funding is also intended to shore up working capital to overcome recent inventory mismatches, boost marketing, and normalize operations following temporary disruptions.
This move signals a shift in funding strategy—from equity-dominant to a more balanced equity + debt hybrid model, aimed at preserving valuation amid steep FY24 losses.
📉 FY24 Financial Stress: ₹748 Cr Net Loss on ₹638 Cr Revenue
Bira91’s FY24 results shocked industry watchers, revealing a net loss of ₹748 crore on revenues of just ₹638 crore. The loss nearly exceeded total revenue, showing the intensity of internal inefficiencies, over-expansion, and rising operating costs.
Key Drivers of the Loss:
- Excess production capacity built ahead of demand.
- Disruptions in distribution and branding during the brand restructuring phase (see next section).
- Sharp increase in logistics and employee costs amid international expansion.
- Low off-take of new products like canned cocktails and seltzers, which didn’t scale as expected in Tier 2 cities.
Despite previous high-margin positioning, Bira91 failed to break even, and cash burn became unsustainable, triggering urgent restructuring moves.
🔄 Brand Restructuring Impact: Halted Sales During Name Change
Between late Q3 FY24 and early Q4 FY24, Bira91 temporarily halted domestic distribution in select zones during its corporate restructuring and name change process (transitioning under B9 Beverages to a rebranded identity).
During this time:
- Distributors paused restocking due to paperwork changes and uncertainty.
- Inventory pile-up affected liquidity.
- Revenue from both institutional and retail channels dropped steeply.
The disruption, while temporary, exacerbated losses and eroded dealer confidence. Recovery efforts began immediately post-March 2025.
📈 Q4 FY25: Signs of Turnaround – 40% Volume Growth
Despite the bleak FY24 performance, early FY25 indicators offer a glimmer of hope. According to a private investor update leaked in June 2025, Bira91 recorded a 40% quarter-on-quarter volume growth in Q4 FY25.
What contributed to this recovery?
- Reopening of distribution channels post brand restructuring
- Aggressive discounts and bundling during IPL season
- Increased demand for summer SKUs like Bira Blonde Lager and Bira 91 Lite
- Return of exports to Southeast Asia and UAE
This volume growth, if sustained, can drastically reduce cash burn in FY26 and improve margin recovery as fixed costs get better absorbed.
💸 Upcoming ₹800 Cr Fundraise
Following its conversations with BlackRock, Bira91 is also reportedly exploring a larger ₹800 crore capital raise in FY26 through a mix of equity and debt instruments. The capital will be used to:
- Infuse working capital
- Fund marketing campaigns (especially during Diwali and festive quarters)
- Expand premium on-tap beer distribution in top Indian cities
- Explore Southeast Asia retail (focus on Singapore and Thailand)
Valuation expectations for the round remain in flux due to past losses, but investors are reportedly benchmarking the deal between ₹2,400–2,800 crore pre-money valuation, reflecting a markdown from its earlier high of ₹4,000+ crore.
🚀 Summary of Key News Highlights
| Month | Event | Impact |
|---|---|---|
| May 2025 | Talks with BlackRock for ₹500 Cr structured debt | Aim to fund investor buyouts + ops |
| Apr 2025 | Revealed FY24 net loss of ₹748 Cr on ₹638 Cr revenue | Raised concerns about scalability |
| Mar 2025 | Name change and restructuring | Temporarily halted sales & disrupted supply |
| Jun 2025 | 40% Q4 volume growth reported | Signs of recovery amid cost controls |
| Jul 2025 | ₹800 Cr fundraising plan in works | Mix of equity-debt to stabilize |
This evolving situation makes Bira91 an interesting, albeit high-risk, high-reward opportunity in India’s beer and beverage segment.
👼 Key Angel Investors in Bira91
Bira91, under the parent company B9 Beverages Pvt Ltd, attracted a powerful lineup of angel investors during its early funding rounds—many of whom were already successful entrepreneurs or leading figures in India’s startup and private equity ecosystem. These angels provided not only early-stage capital but also vital mentorship, strategic guidance, and network access that helped Bira91 grow into one of India’s most recognizable craft beer brands.
Let’s explore the profiles of these influential backers:
🌟 Kunal Bahl – Co-founder of Snapdeal
Kunal Bahl, the co-founder of Snapdeal, was among the first angel investors in Bira91. Known for building one of India’s earliest e-commerce unicorns, Bahl invested in Bira during its pre-Series A stage. He brought deep experience in scaling a consumer-facing brand in a competitive market.
- Role: Strategic advisor and brand growth mentor
- Value Addition: Helped Bira navigate early D2C sales strategy and pricing sensitivity
- Current Status: Continues to back startups via Titan Capital, his investment arm
🌟 Rohit Bansal – Co-founder of Snapdeal
Rohit Bansal, Kunal Bahl’s long-time business partner, also invested personally in Bira91. Together, the Snapdeal founders have supported multiple Indian startups, and Bira91 was one of their standout consumer product bets.
- Role: Brand positioning and channel strategy
- Value Addition: Provided insights into online retail integration, logistics, and investor relations
🌟 Deepinder Goyal – Founder & CEO of Zomato
Deepinder Goyal, the charismatic founder of Zomato, entered Bira91’s cap table during its early scaling phase. With Zomato being a major driver of food-and-beverage discovery in India, Goyal’s involvement offered Bira valuable leverage in listings, marketing, and distribution.
- Role: Strategic ecosystem connector
- Value Addition: Helped strengthen Bira’s HORECA (Hotels, Restaurants, Cafés) partnerships
- Insight: Advocated Bira’s integration into the rising “beer with food” consumer trend
🌟 Ashish Dhawan – Founder of ChrysCapital
Ashish Dhawan is a legendary name in Indian private equity, having co-founded ChrysCapital, one of India’s largest homegrown PE firms. Although he moved away from day-to-day investing to focus on philanthropy via the Central Square Foundation, he personally backed Bira91 as an angel investor.
- Role: Governance and capital structure advisory
- Value Addition: Offered early credibility with institutional investors and VC funds
- Legacy: Encouraged long-term orientation and financial discipline
🌟 Mayank Singhal – PE Advisor & Investor
Mayank Singhal, an early-stage investor and advisor to several consumer brands, joined the cap table with deep knowledge of FMCG and food-tech investing. Though lesser known publicly, Mayank played a key role in helping Bira build its investor readiness and documentation pipeline during its transition from seed to Series A.
- Role: Financial modelling and investor prep
- Value Addition: Helped bridge the gap between founder storytelling and institutional metrics
✅ Summary: Why These Angels Mattered
| Angel Investor | Known For | Strategic Input for Bira91 |
|---|---|---|
| Kunal Bahl | Snapdeal | Go-to-market strategy, branding |
| Rohit Bansal | Snapdeal | Distribution, growth channels |
| Deepinder Goyal | Zomato | HORECA integrations, online visibility |
| Ashish Dhawan | ChrysCapital | Governance, long-term strategy |
| Mayank Singhal | PE Advisor | Cap table and investor readiness |
These individuals gave more than just money—they offered Bira access to decision-makers, cross-brand collaborations, and investor confidence in the formative years. Their involvement was a major factor in Bira attracting larger VCs later.
💼 Key Venture Capital Investors in Bira91
Bira91’s rise from a niche craft beer startup to one of India’s most recognizable beverage brands has been fuelled by a robust lineup of top-tier venture capital (VC) investors. Each of these investors played a critical role across various stages—helping Bira scale production, expand into international markets, and weather financial turbulence.
Here are the key VCs that shaped Bira91’s journey:
🟢 Sequoia Capital India (now Peak XV Partners)
- Stage: Series A Lead (2016)
- Stake: ~14% (as per public reports)
- Investment Size: ~$6 million
Sequoia Capital India (now rebranded as Peak XV Partners) was the lead investor in Bira91’s Series A round, making one of the first major institutional bets on the Indian alcohol beverage sector. Sequoia’s involvement gave Bira both credibility and capital at a time when liquor investments were relatively rare in India’s startup ecosystem.
Strategic Contributions:
- Brand development and national rollout strategy
- Board-level governance and operational efficiency
- Preparation for future Series B and C institutional rounds
Sequoia also introduced best practices in financial control and HR structuring, bringing Bira closer to investor-grade systems.
🟠 Sofina – Belgium-Based Investment Holding Company
- Stage: Series B Lead (2018)
- Investment: ~$50 million
- Headquarters: Belgium
Sofina, a Belgian family-owned investment firm with global interests in consumer and food-tech businesses, came in strong during Bira91’s Series B round. Sofina’s participation elevated Bira’s global profile and enabled its expansion into overseas markets such as the US, UAE, Singapore, and the UK.
Strategic Contributions:
- Funded capacity expansion (new breweries in Andhra Pradesh and Madhya Pradesh)
- Supported export readiness and supply chain upgrades
- Helped streamline governance to attract future late-stage capital
Sofina’s long-term orientation aligned with Bira’s brand-building journey in a high-barrier industry like alcohol.
🟡 Sixth Sense Ventures
- Stage: Pre-Series C (2019)
- Investment: Undisclosed (Estimated $10–15 million)
Sixth Sense Ventures, led by Nikhil Vora, focuses on consumer-centric businesses in India. Their bet on Bira91 was a natural extension of their thesis that millennial-focused, lifestyle-led consumption patterns will shape the next decade.
Strategic Contributions:
- Sharpened consumer insight-driven marketing
- Helped build GTM (go-to-market) capabilities for Tier-1 and Tier-2 cities
- Enabled Bira to reposition itself from premium-only to mass-affordable craft options
Sixth Sense was one of the few VCs in India comfortable with alcohol-sector exposure, and their consumer investing acumen added tremendous value.
🔵 Kirin Holdings – Japanese Beverage Giant
- Stage: Strategic Investor (2021 & 2022)
- Investment:
- $30 million in 2021
- $70 million in 2022 (Series D)
- Type: Strategic Minority Stake
Kirin Holdings, a Tokyo-based global beverage conglomerate, became Bira’s largest shareholder post its Series D round, with total investment crossing $100 million. The deal was seen as a major endorsement of Bira’s brand by an international brewing heavyweight.
Strategic Contributions:
- Technical know-how in brewery operations and quality control
- Expansion support for SEA markets (Singapore, Vietnam, Japan)
- Shared learnings from Kirin’s experience in craft beer, especially with its subsidiary Spring Valley Brewery
Kirin has also helped Bira strengthen its sustainability roadmap, brewing efficiency, and R&D capabilities.
✅ Summary of Bira91’s VC Support
| VC Firm | Investment Stage | Approx. Amount | Key Value-Additions |
|---|---|---|---|
| Sequoia / Peak XV | Series A | ~$6M | Brand building, board-level mentorship |
| Sofina (Belgium) | Series B | ~$50M | Global expansion, corporate governance |
| Sixth Sense Ventures | Pre-Series C | ~$10–15M (est.) | Consumer strategy, affordability GTM |
| Kirin Holdings | Series D (Strategic) | $100M (Total) | Operational know-how, international scale |
These backers not only funded the journey but also de-risked Bira’s entry into a challenging regulatory environment through global best practices and seasoned support.
💡 Why to Invest in Bira91 Unlisted Shares
Investing in Bira91’s unlisted shares presents a unique opportunity to tap into a high-potential consumer brand that has disrupted India’s traditional beer market. Despite temporary setbacks in FY24, the company’s long-term fundamentals, strategic partnerships, and evolving market positioning continue to make it a promising pre-IPO investment.
Here are the key reasons why investors may consider Bira91 unlisted shares in 2025:
✅ 1. Strong Brand Resonance Among Millennials
Bira91 is India’s first homegrown craft beer to achieve mainstream brand recall, especially among millennials and Gen Z consumers. Its quirky branding, bold flavors, and stylish packaging have created an emotional connect with urban audiences.
- Over 60% of its core consumer base is under 35
- Rapid adoption in metros and Tier-1 cities
- Positioned as a lifestyle product, not just a drink
From office parties to music festivals, Bira has become synonymous with youth culture—something most legacy alcohol brands struggle to achieve.
🌍 2. International Presence in 18+ Countries
Bira91 is one of the few Indian beverage brands to scale globally, with exports to the USA, UK, UAE, Singapore, Nepal, Japan, Australia, and other markets.
- Brewing facilities established in the US (contract manufacturing)
- Available in Whole Foods, Trader Joe’s, and boutique pubs abroad
- Appeals to Indian diaspora and global craft beer enthusiasts
Its international presence not only boosts topline growth but also enhances its global brand valuation—an important consideration for future M&A or listing events.
🧃 3. Diversified Product Portfolio Beyond Beer
Though known for craft beer, Bira91 has consciously diversified into non-beer segments to expand its total addressable market (TAM):
- Bira 91 Light – A low-calorie beer aimed at health-conscious consumers
- Bira Boom – Mass-market wheat beer for affordability-seeking audience
- Brewer’s Series – Limited edition, high-margin variants
- Hill Station Hard Seltzers – Entry into the low-alcohol, high-margin seltzer space
- Non-Alcoholic Products – Cold brew coffee and carbonated mixers launched under the Bira label
This approach helps Bira combat seasonal demand, grow shelf space, and serve new customer preferences.
🏢 4. Strategic Backing from Global Giants and Top VCs
As outlined in the previous section, Bira91 is backed by a rare combination of top-tier VCs and global industry leaders:
- Kirin Holdings – $100 million invested, including operational expertise
- Peak XV (Sequoia) – Growth-stage vision and strategic oversight
- Sofina & Sixth Sense – Long-term investors with consumer brand experience
Such strong strategic alignment de-risks execution, governance, and capital access.
📈 5. Recovery Signs Post-FY24 Setbacks
Bira91 faced challenges in FY24 including:
- Temporary sales halt due to a brand entity restructuring
- Sharp increase in losses (₹748 crore loss on ₹638 crore revenue)
- Inventory backlogs and supply chain disruptions
However, Q4 FY25 indicators show a 40% volume rebound, signaling operational recovery:
- Resumption of full-scale production across breweries
- Reduction in burn rate through cost controls
- Structured debt deals (like BlackRock talks) to replace early investors
This recovery suggests Bira may be at a low valuation entry point before a larger financial turnaround—an attractive window for investors seeking pre-IPO upside.
✨ Summary: Investment Highlights
| Factor | Why it Matters |
|---|---|
| Brand Strength | High recall among urban youth; lifestyle alignment |
| Global Reach | Expands TAM; mitigates domestic regulation exposure |
| Product Diversification | Reduces risk from beer seasonality and regulatory pricing |
| Tier-1 Investor Support | Financial, strategic, and operational guidance from top VCs |
| Value Rebound Potential | Current losses may give way to EBITDA-positive phase by FY26 |
Bira91 is not just a brewery, it’s a youth brand with growing global ambitions. As Indian consumption shifts toward premium, lifestyle-aligned products, Bira91 is strategically positioned to benefit—making its unlisted equity an intriguing bet for risk-tolerant, long-term investors.
⚠️ Risk Factors in Detail – Bira91 Unlisted Shares
While Bira91 is a high-potential consumer brand with strong backing, investors should carefully evaluate the associated risks before investing in its unlisted shares. Below are the key risks that could impact business performance, valuation, and shareholder returns:
📉 1. High Valuation Despite Limited Profitability
Bira91’s implied Price-to-Earnings (P/E) ratio of 85–100× is extremely high when compared to listed alcoholic beverage companies like United Breweries or Radico Khaitan, which typically trade in the 30–50× range.
- As of FY24, Bira posted a net loss of ₹748 crore on ₹638 crore revenue.
- Burn rate remains significant due to high marketing, distribution, and compliance costs.
- Valuation appears based on future potential, not current earnings.
This makes it vulnerable to down-rounds or corrections in private markets, especially if growth slows or losses deepen.
🧾 2. Regulatory Fragility in a Highly Controlled Industry
Alcohol is one of the most heavily regulated sectors in India, with each state maintaining its own taxation, excise duty, labeling, and distribution rules.
Key regulatory risks include:
- Delayed state approvals for product launches
- Price controls in several states
- Bans on advertising, forcing reliance on indirect branding
- Labeling changes mandated by FSSAI or excise departments
- Stringent retail licensing norms
These create constant operational friction and compliance overhead, especially for a brand focused on multiple SKUs and rapid innovation.
💳 3. Debt Exposure from Structured Loans (BlackRock Deal)
In May 2025, Bira91 entered into advanced talks with BlackRock for a ₹500 crore structured debt deal to:
- Buy out early-stage angel investors
- Infuse working capital for inventory and supply chain restoration
While this brings much-needed capital, it adds pressure on cash flows as debt service obligations rise. Structured debt deals often carry:
- Higher interest rates
- Performance covenants
- Equity warrants or downside protection clauses
If profitability does not improve quickly, debt stress could intensify and dilute equity returns.
🛑 4. Operational Disruptions Due to Name-Change Compliance
During FY24, Bira91 faced a near halt in sales for multiple weeks due to administrative delays tied to its corporate restructuring and entity name change. These disruptions had material consequences:
- Inventory backlogs
- Order cancellations and lost distributor trust
- Reputational damage in retail networks
While resolved now, it underscores the executional fragility in a business that relies on rapid sales velocity and perishable inventory.
🍺 5. Competitive Pressure from Global & Domestic Liquor Giants
India’s alcohol market is fiercely competitive and dominated by:
- United Breweries (Kingfisher) – backed by Heineken
- AB InBev (Budweiser, Corona)
- Carlsberg, SAB Miller, Molson Coors
- Homegrown emerging players like Simba, White Owl, and craft brewery chains
These competitors have larger distribution networks, more pricing power, and deeper marketing budgets. Bira91’s premium positioning limits volume in price-sensitive segments, making growth reliant on urban markets.
Also, emerging craft beer startups are chipping into Bira’s niche with hyperlocal and experiential branding—diluting its first-mover advantage.
📆 6. Uncertainty Around IPO Timeline
While multiple rounds of funding have occurred and media reports have speculated an IPO, no confirmed filing or timeline is publicly available. The risks here include:
- Liquidity constraints for early investors
- Reduced interest from institutional buyers if losses continue
- Delayed exit opportunities for unlisted shareholders
For investors seeking a 2–3 year exit window, this could be a major risk.
📊 7. Macroeconomic Volatility & Consumer Behavior Shifts
Beer and premium beverages fall under the discretionary spending category, which is sensitive to:
- Inflation and rising interest rates
- Pandemic-like events or health scares
- Cultural and social shifts (e.g., rise in health consciousness or religious conservatism)
- Changes in nightlife patterns and alcohol taxation policies
If macroeconomic headwinds reduce disposable income or urban consumer confidence, beer consumption and Bira’s growth may slow down disproportionately compared to essentials.
🔍 Summary of Key Risks
| Risk Category | Description |
|---|---|
| Valuation Risk | High P/E despite losses |
| Regulatory Fragility | State-wise controls and excise complexities |
| Structured Debt Exposure | BlackRock loan adds financial pressure |
| Operational Execution | Disruptions due to legal restructuring |
| Intense Competition | Large global/local players gaining ground |
| IPO Timeline Uncertainty | No fixed date or documentation |
| Market Sensitivity | Prone to shifts in discretionary demand |
While Bira91 has strong branding and strategic capital backing, investors must account for these risks, especially around liquidity, governance, and earnings visibility.
Unlisted Share FAQs
1. What are unlisted shares?
Unlisted shares are equity shares of companies that are not traded on formal stock exchanges like NSE or BSE. These shares are typically bought and sold via private placements, through intermediaries, or over-the-counter (OTC) deals.
2. Is it legal to buy unlisted shares in India?
Yes, buying unlisted shares is completely legal in India, provided you follow the required KYC, taxation, and compliance norms under SEBI and Income Tax regulations.
3. How are unlisted shares priced?
Prices are determined by demand, supply, recent funding valuation, and business performance. Dealers and platforms quote prices based on lots, and they are not standardised like exchange-traded shares.
4. Can I hold unlisted shares in my Demat account?
Yes. Once purchased, the shares are transferred to your Demat account, just like listed equity shares.
5. What is the lock-in period for unlisted shares after IPO?
SEBI mandates a 6-month lock-in for pre-IPO shares held by non-promoters after the company gets listed.
6. How do I get updates on company performance?
Investors rely on company filings, media reports, investor updates, and financial databases since unlisted companies are not required to publish quarterly reports.
7. Is there tax on profits from unlisted shares?
Yes.
- If held less than 24 months, it’s short-term capital gains, taxed as per your income tax slab.
- If held more than 24 months, it’s long-term capital gains, taxed at 20% with indexation.
Gains must be declared in ITR under capital gains section.
How to Buy Unlisted Shares of Bira91
Step 1: KYC Documentation
Email the following to: ceo.startuplanes@gmail.com
- PAN card (mandatory)
- Aadhaar card (mask last 4 digits)
- Latest bank statement or cancelled cheque
- CML (Client Master List) from your Demat account
- Nominee details (Name, PAN, Aadhaar)
Step 2: Verification & Allotment
Once documents are verified, you will receive bank details for NEFT/RTGS. Shares are transferred within 48 hours of payment and confirmation.
Step 3: Join WhatsApp Group
Join the Stock Market Learning WhatsApp Group for updates on Bira91 and other unlisted companies.
📜 Disclaimer
The content provided in this article is for informational and educational purposes only and should not be construed as financial, investment, tax, legal, or any other professional advice. StartupLanes and its affiliates, partners, employees, and contributors do not guarantee the accuracy, completeness, or suitability of the information contained herein, and shall not be held responsible for any errors or omissions. All information is provided “as is” without warranty of any kind, express or implied.
Investment in unlisted shares and pre-IPO securities involves a high degree of risk and may not be suitable for all investors. These securities are illiquid in nature, lack regulatory oversight similar to listed securities, and are subject to limited financial disclosures. Prices and valuations of unlisted shares are based on dealer quotes and are not reflective of any official market price. Marketability is uncertain and resale value is not guaranteed. Past performance of unlisted shares is not indicative of future performance.
Investors are strongly advised to conduct their own due diligence, consult their SEBI-registered investment advisors, and consider their individual risk tolerance and financial circumstances before making any investment decisions. StartupLanes is not a SEBI-registered intermediary and does not undertake any investment advisory or portfolio management services.
Any mention of company names, trademarks, logos, or other third-party content is for reference purposes only and does not imply endorsement or partnership. The views expressed in this article are based on publicly available data and internal analysis as of the publication date, and are subject to change without notice.
Investing in unlisted shares also carries regulatory and compliance risks, including potential changes in SEBI regulations, changes to taxation policies, restrictions on transfer of shares, and listing delays or cancellations. Investors should stay updated with the latest circulars and legal guidelines from regulatory authorities.
This article does not constitute an offer or solicitation to buy or sell any securities, nor shall it form the basis of or be relied upon in connection with any contract or commitment. StartupLanes is not responsible for any losses that may arise directly or indirectly from use of the information contained in this report.
By accessing this article, you agree to the terms of this disclaimer. If you do not agree, please refrain from acting on any information herein. For official advice, always consult a licensed professional.