Bira Founder Ankur Jain Agrees to Step Down Amid Investor Push
Ankur Jain, the founder of Bira, has tentatively agreed to relinquish his leadership role within the company following extensive discussions with investors, according to reports. Discussions have been taking place for a number of weeks, engaging in substantial dialogue and negotiation.
Reports claim that the current focus of the discussions is shifting towards a framework in which Jain would relinquish control of the company.
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An imminent resolution is anticipated, and Bira's investors and shareholders have long been advocating for a leadership change at the struggling beer brand.
Ankur was recently made aware that any possible revival of the company would require him to relinquish his role in favor of outside experts, a decision he seemed hesitant to make for an extended period.
Reports indicate that Jain is currently facing financial difficulties due to the lack of new external funding, which has been compounded by increasing personal debts.
Ankur had taken on loans to acquire Bira shares from current shareholders, and creditors are now requesting repayment. A specific incident was observed to have involved him or an associated entity borrowing money from Sunil Munjal's trust at Hero Enterprise, with Ankur's Bira shares offered as security. Munjal proceeded to seize these shares in October.
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According to the report, Bira has also neglected to remit tax deducted at source (TDS) for its employees to the income tax department for a period exceeding six months. Ankur has been involved in negotiations for an extended period, yet a mutually beneficial agreement has been elusive so far. As the discussions approach their conclusion, stakeholders are eager to expedite the resolution of the impasse.
It is said that for Bira to see a resurgence in 2026, it is imperative for the company to be operational by the summer, which is its busiest season.
The discussions with investors are taking place amidst increasing internal turmoil at B9 Beverages. Last October, over 250 company employees signed a petition addressed to both the board and major investors such as Kirin Holdings and Peak XV Partners, requesting the ousting of founder and CEO Ankur Jain.
The petition, directed towards the board of directors, primary shareholders, and the company's principal creditor, Anicut Capital, raises concerns over corporate governance deficiencies, lack of transparency, and extended delays in the payment of employee salaries and legal obligations. Staff members have also highlighted unresolved creditor disputes and outstanding vendor invoices as indicators of the deteriorating financial status of the company.
Employees have voiced ongoing concerns regarding payment and adherence to regulations within the company. This discord within the organization has emerged after a period of financial strain for B9 Beverages. In the financial year 2024, the company experienced a net loss of Rs 748 crore despite revenue amounting to Rs 638 crore. Additionally, sales volumes saw a decrease from 9 million cases in FY23 to 6-7 million cases. B9 Beverages has not yet submitted its financial results for the fiscal year 2025.
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In July, B9 Beverages unveiled a reorganization of its leadership, with the appointment of Vikram Qanungo as the company's new chief financial officer, in addition to senior appointments made in the manufacturing and sales departments.