Ankit Jain, the founder and Chief Executive Officer (CEO) of B9 Beverages, which is the parent company of craft beer giant Bira 91, has officially stepped down from the company’s board of directors as well as other executive leadership roles. He announced this decision in a letter addressed to his employees and business partners. This announcement officially brings an end to a ten-year era that brought in a huge transformation in the alcobev industry in India.
Ankit Jain and his promoter family have surrendered all their executive control over the brand. They also relinquished their roughly 17.8 percent stake in the parent company and have exited the board with immediate effect. This is part of a settlement reached with the craft beer maker’s investors and lenders.
The decision was announced in a three-page letter addressed to business partners and employees.
Jain described that settling had taken months of painstaking negotiation. “We have now reached that settlement. As part of it, my family and I will be stepping away from the board, and from our executive positions with immediate effect. Bira 91 needs fresh capital, a clear balance sheet and a management team that can build the next phase without the weight of everything that came before. It is, in every sense, a clean and full close of this chapter.” He had posted this letter on his LinkedIn for stakeholders and employees (including 30 stakeholders).
Also Read: Bira 91 – Your Guide To Price, Flavours, And Craft Journey
B9 Beverages has defaulted on a majority of its loan facilities from banks and financial institutions. These loans were all secured by the shareholding of the promoters in the company.
The settlement brings a two-year-long dispute between the lenders, investors, and Ankit Jain to a peaceful end.
Complete Legal Resolution: All the pending court proceedings and claims between the promoter group, lenders, and investors have been withdrawn.
Surrender of Ownership: The Jain family and associated entities, which include Day1 Advisory, have surrendered their entire 17.8 percent equity stake in B9 Beverages, the parent company of Bira 91.
Release of Personal Guarantees: The corporate loan guarantees, which were personally underwritten by Ankur Jain over the years, have all been released formally.
Capital Rebuild Mandate: Control shifts to institutional shareholders, led by Japan’s Kirin Holdings and Peak XV Partners. This opens the door for an out-of-court restructuring and a quick cash infusion.
The name Bira 91 carries a very intentional local identity as “Bira” is a casual North Indian colloquialism for friend or brother, while 91 represents India’s international country code. Bira 91 launched in 2015 under the tagline “Refreshingly Modern Beers, Imagined In India”. With its entry, Bira 91 disrupted the domestic beer market, which was dominated for decades by legacy players and heavy lagers.
Unlike legacy beer brands in India, which focused on high-alcohol strong lagers, Bira 91 walked in with a beer that has flavor-forward styles and low bitterness. It tailored the taste to urban Indian palates with Bira 91 White, Bira 91 Blonde, Bira 91 Light, Bira 91 IPA, Bira 91 Boom, and Malabar Stout.
Also Read: Bira 91 Beer Can Price in India: City-Wise Cost Breakdown
In no time, Bira 91 became the leader of the craft beer movement, especially among urban millennials. What worked for them was their flavorful wheat beers, recognizable monkey mascot, and youthful marketing.
Over its growth decade, Bira 91 raised more than $200 million from top-tier institutional investors. The brand crossed $100 million in the top revenue at its peak in FY23. This included managing multiple breweries across India and also acquiring pub chain The Beer Cafe in 2022 to strengthen its physical footprint.
Talk about Adam Neumann leaving WeWork after its valuation crashed and governance problems surfaced. Or Ankiti Bose from Zilingo being suspended while accounting issues were investigated. Or Ashneer Grover’s very public fight with BharatPe over alleged financial misstatements. There are plenty of examples of founders losing the top job due to financial irregularities both in India and globally.
