In a significant leadership transition for one of India’s best-known craft beer brands, Ankur Jain, founder of B9 Beverages, the company behind Bira 91, has stepped down from the company’s board and relinquished the promoter family’s ownership stake as part of a settlement with institutional investors and lenders. The development marks the end of a nearly two-year standoff over the company’s future and clears the path for a planned financial restructuring.
Under the settlement, Jain and the promoter family will surrender their combined 17.8% shareholding, give up executive control of the company, and withdraw ongoing legal proceedings against investors and lenders. In return, Jain will be released from personal liabilities, including loans for which he had acted as guarantor.
The settlement removes a major obstacle to the company’s proposed recapitalisation. Existing investors and lenders are expected to lead the revival plan, which aims to infuse fresh capital, clear statutory dues, employee salaries, and vendor payments, while gradually restarting manufacturing operations over the coming months.
The agreement follows months of pressure from shareholders and creditors seeking a leadership overhaul as the company’s financial position deteriorated.
Jain had previously indicated his willingness to step aside if it helped secure the company’s future, a move that ultimately materialised through the latest settlement.
Founded in 2015, Bira 91 quickly emerged as one of India’s most recognisable homegrown craft beer brands. The company differentiated itself through contemporary branding, youth-focused marketing, and premium positioning, expanding beyond India into several international markets. It also attracted backing from prominent investors, including Kirin Holdings, Sofina, Peak XV Partners (formerly Sequoia India), and Sixth Sense Ventures over multiple funding rounds.
FAQs
- Why did Bira 91 founder Ankur Jain step down?
Ankur Jain resigned from B9 Beverages’ board as part of a settlement with investors and lenders that resolves a nearly two-year dispute and enables the company’s recapitalisation. - What stake did Ankur Jain relinquish?
Jain and the promoter family surrendered their combined 17.8% shareholding in B9 Beverages as part of the settlement. - Why has Bira 91 been facing financial challenges?
The company has grappled with liquidity issues, production disruptions, mounting debt, delayed salaries, vendor dues, and operational setbacks over the past two years. - What happens next for Bira 91?
The company is expected to undergo a recapitalisation led by existing investors and lenders, with plans to restart operations and stabilise its finances. - Who owns Bira 91?
Bira 91 is owned by B9 Beverages. Following the settlement, the company’s institutional investors and lenders are expected to play a larger role in its governance and revival.
