Bira 91 Founder Ankur Jain Steps Down, Gives Up 17.8% Stake In Settlement

Ankur Jain, the founder of Bira 91 parent B9 Beverages, has stepped down from the board and relinquished executive control and ownership as part of a settlement with the institutional investors and lenders backing the alcobev startup.

According to an ET report, the settlement was signed yesterday, bringing to an end nearly two-year dispute between Jain, the promoter family, investors and lenders. 

“I have stepped down from the B9 Beverages board,” Jain told the publication. 

As part of the settlement, Jain and the promoter family will reportedly exit B9 Beverages by surrendering executive control and their combined 17.8% shareholding. In return, Jain will be released from personal liabilities, including guaranteed loans, while both sides will withdraw the legal cases filed against each other.

“We ran into rough weather in the last two years. However, with this resolution, the business will enter a new phase of growth, a phase in which I will be cheering for the company and the brand from the sidelines,” Jain was quoted as saying. 

Financial Troubles Derail Bira 91’s Growth 

The settlement comes after B9 Beverages endured a prolonged financial crisis that saw production come to a halt and its overall debt reportedly swell to about ₹1,000 Cr. 

The company is expected to be recapitalised by its existing investors and lenders under a revival plan aimed at clearing statutory, employee and vendor dues and restarting operations. 

B9 Beverages is backed by Peak XV Partners, Sofina and Japan’s Kirin Holdings. Its lenders include Anicut Capital and the family office of Hero Corporate Services. 

The brewer’s troubles intensified last month after glass manufacturer Hindusthan National Glass & Industries Ltd sent it a legal notice over unpaid dues and uncollected inventory. The glassmaker alleged that B9 Beverages failed to collect more than 51 Lakh customised bottles and defaulted on payments, including bills, interest, storage and mould charges.

Founded by Jain in 2015, Bira 91 emerged as one of India’s earliest craft beer brands. It raised more than $200 Mn over the years, while its revenue crossed $100 Mn in FY23.

However, its fortunes changed after it converted from a private company to a public company ahead of a proposed IPO. 

The change required the company to obtain fresh excise approvals across several states, disrupting production and sales. The transition required fresh excise approvals across multiple states, disrupting production and sales.

B9 Beverages subsequently wrote off inventory worth about ₹80 Cr and delayed payments to vendors. Jain had earlier said the company’s liabilities stood at around ₹300 Cr as of May 2025. 

Since then, the startup has grappled with delayed salary payments, vendor disputes, disagreements with investors and legal battles involving its assets. 

Inc42 reported last year that investors and lenders were seeking greater control over the company amid concerns over governance and financial management. They were also pushing for Jain’s exit.

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