Bira 91 Founder Ankur Jain Steps Down in Settlement

Ankur Jain, the founder of Bira 91 parent company B9 Beverages, has resigned from the board and given up executive control and ownership. This decision is part of a settlement agreement reached yesterday with the institutional investors and lenders backing the alcobev startup.

The settlement involves Jain and his promoter family exiting B9 Beverages by surrendering their combined 17.8% shareholding. In return, Jain will be released from personal liabilities, including guaranteed loans, and both parties will withdraw their respective legal cases.

This resolution comes after B9 Beverages experienced a prolonged financial crisis that led to production halts and a reported increase in debt to approximately ₹1,000 crore. The company is expected to be recapitalized by its existing investors and lenders as part of a revival plan aimed at clearing dues and resuming operations.

Founded in 2015, Bira 91 emerged as a prominent Indian craft beer brand, raising over $200 million and achieving revenues exceeding $100 million in FY23. However, its financial situation deteriorated after converting to a public company, disrupting production and sales and leading to significant inventory write-offs and payment delays.