Ankur Jain, founder of B9 Beverages, the company behind the Bira beer brand, has in principle agreed to step down from the company’s leadership as discussions with investors move toward a final stage, according to media reports. The decision follows months of negotiations, with shareholders pushing for a change in management at the financially stressed brewer.
Talks between Jain and the company’s investors have been ongoing for several weeks and are now at an advanced stage. The proposed plan would see Jain give up executive control, paving the way for an external professional management team. Investors believe this leadership reset is critical to unlocking fresh capital and exploring revival or rescue funding options.
For much of the past year, investors have been pressing for Jain’s exit from day-to-day management, making it clear that any new funding would be conditional on a leadership change. Although Jain was initially reluctant, continued delays in securing capital appear to have increased pressure on him to step aside.
Reports also point to Jain’s growing personal financial exposure. He is said to have borrowed funds to buy back Bira shares from existing investors, with some of these shares pledged as collateral. In one instance, an entity linked to him reportedly borrowed money from a trust associated with Sunil Munjal. These pledged shares were invoked in October, adding to concerns around financial stress.
B9 Beverages’ operational challenges have further worried investors. The company has reportedly failed to deposit tax deducted at source (TDS) for employees with the income tax department for over six months, underscoring ongoing liquidity issues and raising questions around statutory compliance.
Timing is another key concern. For Bira to stabilise in 2026, the company needs to resolve leadership and funding issues quickly, as the summer months are crucial for beer sales in India. Any delay could significantly weaken its chances of a turnaround during the peak season.
The leadership talks are also unfolding amid internal unrest. In October, more than 250 employees submitted a petition to the board and key investors, including Kirin Holdings and Peak XV Partners, seeking Jain’s removal as founder and chief executive. The petition was also addressed to the company’s largest lender, Anicut Capital.
Employees alleged governance lapses, lack of transparency, delayed salaries, and non-compliance with statutory requirements. They also flagged unpaid vendor dues and creditor disputes as signs of worsening financial health. In FY24, B9 Beverages reported a net loss of ₹748 crore on revenues of ₹638 crore, with sales volumes falling to an estimated 6–7 million cases from 9 million cases in FY23. The company is yet to announce its FY25 financial results, adding to investor and employee uncertainty.
In July 2025, B9 Beverages had announced a leadership restructuring, appointing Vikram Qanungo as chief financial officer and making senior hires in manufacturing and sales to strengthen operational control while investor discussions continued.
As negotiations near a conclusion, investors are keen to resolve the leadership issue swiftly to create space for a turnaround attempt. The outcome of these talks is expected to be crucial in shaping the future of the Bira brand in the year ahead.
