B9 Beverages founder and Chief Executive Officer, Ankur Jain is said to have offered to step down from the leadership of the company for the ‘sake of the company’. According to media reports, this offer was made during the protracted discussions with investors. Some employees and investors have been seeking his ouster, even as Bira91 continues to be in a freefall.
It is reported that the company’s investors have had several rounds of talks to get the company back on track, minus Jain. The talks are said to be in an advanced stage and indications are that there is likelihood of an external professional taking over the reins of B9 Beverages. The talks also have revolved around how to unlock potential revival or rescue funding for the company. Jain who was initially reluctant to step down, but with probable investors putting conditions, his exit seems imminent.
In October, more than 250 employees submitted a formal representation to the company’s board and key shareholders, including Kirin Holdings and Peak XV Partners, urging the removal of Jain from his role as founder and CEO. The communication was also sent to Anicut Capital, the company’s largest lender.
Employees alleged shortcomings in corporate governance, inadequate transparency, delayed salary payments and failures to meet statutory obligations. They further cited unpaid vendor bills and ongoing creditor disputes as signs of a company under mounting financial strain.
According to people familiar with the matter, Jain had raised personal borrowings in the past to buy out stakes from existing shareholders, increasing his financial exposure to the company. In at least one transaction, an entity linked to Jain is said to have borrowed funds from a trust connected to industrialist Sunil Munjal, using Bira shares as security. Those shares were reportedly invoked in October, intensifying apprehensions among investors about financial stress at both the promoter and company levels.
Operational issues have compounded these worries. B9 Beverages has reportedly not remitted tax deducted at source (TDS) collected from employee salaries to the income tax department for over six months, underscoring persistent cash flow challenges. The lapse has raised questions around statutory compliance and internal financial controls.
For Bira to regain momentum in 2026, the business would need to be stabilised well ahead of the summer season, which accounts for a large share of annual beer consumption in India. Prolonged uncertainty around leadership or delayed capital infusion could significantly weaken its ability to leverage this peak demand period.
The financial picture has added to investor unease. B9 Beverages reported a net loss of `748 crore in FY24 against revenues of `638 crore, while volumes are estimated to have fallen to 6–7 million cases from 9 million cases in the previous financial year. The absence of filed FY25 results has further added to the uncertainty.
In an attempt to tighten execution, the company announced a leadership overhaul in July 2025, naming Vikram Qanungo as chief financial officer and strengthening senior ranks across manufacturing and sales functions.
As negotiations with investors near a decision point, stakeholders are keen to resolve leadership questions swiftly to make space for a turnaround effort. The outcome is expected to be important in determining the future of Bira brand over the next year.
R. Chandrakanth
Ambrosia
