Ankur Jain, founder of Bira 91 parent company B9 Beverages, has exited the company's board and given up executive control and ownership as part of a settlement reached with the alcobev startup's institutional investors and lenders.
The settlement, reportedly signed recently, brings an end to a nearly two-year-long dispute involving Jain, the promoter family, investors, and lenders of B9 Beverages.
Confirming the development, Jain said he had stepped down from the B9 Beverages board.
Under the terms of the settlement, Jain and his promoter family will exit B9 Beverages entirely, surrendering both executive control and their combined 17.8% shareholding in the company. In exchange, Jain will be released from personal liabilities, including loans he had personally guaranteed. Both parties have also agreed to withdraw all legal cases filed against each other.
Jain described the last two years as a difficult period for the business but said the settlement paves the way for a new growth phase, one he intends to support from outside the company going forward.
What Led to the Crisis
The settlement follows a prolonged financial crisis at B9 Beverages, during which production came to a standstill and the company's total debt reportedly ballooned to nearly Rs 1,000 crore.
Going forward, the company is expected to be recapitalised by its existing investors and lenders under a revival plan designed to clear pending statutory, employee, and vendor dues, and to restart operations.
B9 Beverages counts Peak XV Partners, Sofina, and Japan's Kirin Holdings among its backers, while Anicut Capital and the family office of Hero Corporate Services are among its lenders.
Legal Troubles Piled Up
The company's difficulties deepened further last month when glass manufacturer Hindusthan National Glass & Industries Ltd sent it a legal notice over unpaid dues. The glassmaker alleged that B9 Beverages had failed to collect more than 51 lakh customised bottles and had defaulted on payments covering bills, interest, storage, and mould charges.
Bira 91's Rise and Fall
Bira 91 was founded by Jain in 2015 and went on to become one of India's earliest and best-known craft beer brands. Over the years, the company raised more than $200 million in funding, with revenue crossing $100 million in FY23.
The company's fortunes began to shift after it converted from a private entity to a public company ahead of a planned IPO. That transition required the company to secure fresh excise approvals across multiple states, which disrupted both production and sales.
As a result, B9 Beverages wrote off inventory worth roughly Rs 80 crore and fell behind on vendor payments. Jain had earlier stated that the company's total liabilities stood at around Rs 300 crore as of May 2025.
Since then, the startup has struggled with delayed employee salaries, disputes with vendors, friction with investors, and multiple legal battles involving its assets.
Investor Pressure Had Been Building
Reports had emerged last year that investors and lenders were pushing for greater control over the company amid growing concerns about governance and financial management — and were also seeking Jain's exit from the business.
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