'Bira 91 needs fresh capital, clear balance sheet': Ankur Jain exits parent company after settlement with lenders

Ankur Jain, the founder of Bira 91 parent B9 Beverages, announced on Wednesday that he has stepped down from the company's board and his executive role after signing a settlement with the lenders. With this, he has paved the way for the company's restructuring and a fresh capital raise. 

He wrote in a letter posted on LinkedIn that the settlement took longer than expected as it involved nearly 30 different stakeholders who had different, competing interests. 

"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," Jain wrote.

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He added that both sides have agreed to withdraw all claims and litigation against each other. Jain further mentioned that the personal guarantees he has given over the years for corporate loans will be released.

As part of the settlement, Jain and the promoter family would exit the Bira 91 parent by surrendering executive control and their combined 17.8% stake, according to a report in The Economic Times. 

"It is, in every sense, a clean and full close of this chapter. I believe this is the right outcome — for the company, and honestly, for me. 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." He added that he will support a smooth transition and continue to support the company from the sidelines. 

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Read Ankur Jain's full letter here

Bira 91's challenges

The announcement brought the financial crisis at B9 Beverages, marked by mounting losses, operational challenges and failed fundraising efforts over the past two years, to a close.

In October 2025, the company became embroiled in a legal battle after strategic investor Kirin Holdings and lender Anicut Capital took control of BTB (Better Than Before), the operator of the Beer Café chain and one of the group's few profitable businesses.

B9 challenged the takeover, alleging a breach of contract, and moved the Delhi High Court. The court granted interim relief, restraining the sale or creation of third-party interests in BTB's shares until further hearings.

Around the same time, B9 was seeking fresh capital after a proposed investment from Global Emerging Markets (GEM) fell through. The company later shifted its fundraising efforts towards domestic investors.

The brewer's financials had already come under severe pressure. Revenue dropped to around ₹600 crore in FY24 from nearly ₹840 crore in FY23, while losses widened to over ₹640 crore due to high operating costs, excise duties, supply-chain disruptions and regulatory delays.