Founder Ankur Jain agrees to step down amid Bira’s financial strain

Bira founder Ankur Jain has, in principle, agreed to step down from the helm of the company following months of negotiations with investors, according to two people familiar with the matter cited by The Morning Context.

The discussions, which have been underway for several weeks, are now moving towards a structure under which Jain would give up control of the business. A resolution is expected soon, one of the people quoted by The Morning Context said.

For much of the past year, investors and shareholders in Bira have been pressing for a change in management at the troubled beer maker. Jain was earlier told that any potential rescue of the company would be conditional on his stepping aside to allow external professionals to take charge, the report said. He was initially reluctant to accept those terms.

The lack of fresh external funding has since tightened the noose. According to The Morning Context, Jain has mounting personal liabilities after borrowing money to buy out Bira shares from existing investors. Lenders have sought repayment, and in one instance, an entity linked to Jain borrowed funds from a trust associated with Hero Enterprise chairman Sunil Munjal, pledging Bira shares as collateral. Those shares were invoked in October.

The report also said Bira has failed to deposit tax deducted at source (TDS) for employees with the income tax department for more than six months, adding to regulatory and governance concerns.

While talks between Jain and investors have dragged on, neither side was able to find common ground until recently. With negotiations now entering a final phase, investors are keen to avoid further delays. People familiar with the matter told The Morning Context that if Bira is to be revived in 2026, the company would need to be operational by the summer, its peak sales season.

The negotiations come amid growing internal unrest at B9 Beverages, Bira’s parent company. In October, more than 250 employees petitioned the board and key investors, including Kirin Holdings and Peak XV Partners, seeking Jain’s removal as founder and chief executive, The Morning Context reported.

The petition, addressed to the board, major shareholders and the company’s largest lender Anicut Capital, alleged corporate governance lapses, lack of transparency, and prolonged delays in employee salaries and statutory dues. Employees also flagged pending creditor cases and unpaid vendor bills as evidence of the company’s deteriorating financial position.

The internal dissent follows a period of acute financial stress. B9 Beverages reported a net loss of Rs 748 crore in FY24 on revenue of Rs 638 crore, while sales volumes fell to 6–7 million cases from 9 million cases in FY23. The company has yet to file its FY25 financial results.

In July, B9 Beverages announced a leadership reshuffle, appointing Vikram Qanungo as chief financial officer and making senior hires across manufacturing and sales. Investors are now expected to accelerate plans for a broader overhaul as the company seeks fresh capital and a path to recovery.