Bira 91 founder Ankur Jain exits board and cedes control in investor settlement

B9 Beverages founder Ankur Jain has stepped down from the board and will relinquish executive control and ownership as part of a settlement with investors and lenders. The debt-laden brewer is targeting recapitalisation, creditor settlements and an operational restart within three to six months.

— Source publishedWed, 22 Jul, 2026, 00:24 IST·First seen Wed, 22 Jul, 2026, 00:35 IST·Source ET Small Business

What happened

Bira 91 founder Ankur Jain has left B9 Beverages' board and will surrender executive control and ownership under a settlement with investors and lenders. The

Key facts

  • Approximately ₹1,000 crore debt
  • Promoter family stake: 17.8%
  • Operations targeted to resume in 3-6 months
  • Dispute lasted two years
  • $100 million topline in FY23
  • Brand built over 10 years

Why this matters

Bira 91’s distress could create partnership or acquisition opportunities, but buyers should diligence liabilities, production readiness, route-to-market strength and the durability of its brand equity.

What to watch

  • Named recapitalisation round, new controlling shareholder or debt-to-equity conversion.
  • Appointment of a new CEO and evidence that the founder has fully exited governance and ownership.
  • Settlement terms with secured lenders, suppliers, landlords and tax/excise authorities.
  • Resumption of production, SKU availability and distributor order volumes in Bengaluru, Delhi NCR, Mumbai and other core markets.
  • Closure or sale of brewing facilities, contract-manufacturing changes, and employee reductions.
  • Any strategic investment, trademark sale or acquisition interest from incumbent beer and alcobev groups.
  • Appoint an investor-approved CEO, CFO and restructuring adviser with authority over operations and cash controls.
  • Secure bridge financing for payroll, supplier advances, excise obligations and restart inventory.
  • Negotiate lender haircuts, repayment schedules and conversion of debt into equity or structured instruments.
  • Prioritise high-velocity brands, metros and on-premise accounts rather than immediately rebuilding national distribution.
  • Reset contracts with breweries, distributors and key retail accounts to regain supply reliability.
  • Explore strategic capital or a commercial partnership with an established brewer, alcobev distributor or consumer investor.

Also reported by