Stake sale · Commerce & Consumer Brands

Bira 91 founder steps down after debt settlement

By Startup Enthusiast · 22 July 2026

What they do

Bira 91 is one of India's earliest craft beer brands, founded in 2015

Founder Ankur Jain gave up 17.8% stake and stepped down as part of a settlement with lenders and investors

The company halted production with ₹1,000 Cr debt and now needs fresh capital and a new management team

Founder Ankur Jain stepped down from the board and gave up executive control and ownership, and his family withdrew from the company.
Jain and his family gave up a 17.8% stake as part of a settlement with lenders.
Lenders withdrew all claims and litigations, and personal guarantees on corporate loans were released immediately.
Jain apologised to employees for delayed dues.
Failure to secure fresh capital over the last 1.5 years led to pressure from investors and lenders.
Production halted, and debt swelled to ₹1,000 Cr.
Glass maker Hindusthan National Glass & Industries sent a legal notice over unpaid dues and uncollected inventory.
The company converted from private to public ahead of a proposed IPO, which disrupted production and sales.

Investors and lenders sought greater control and pushed for Jain's exit over governance and financial management concerns.
The company faced delayed salary payments, vendor disputes, disagreements with investors, and legal battles.
B9 Beverages wrote off inventory worth about ₹80 Cr and had liabilities of around ₹300 Cr as of May 2025.

Bira 91 is one of India's earliest craft beer brands.
It was founded in 2015 by Ankur Jain.
The company raised more than $200 Mn over the years.
Revenue crossed $100 Mn in FY23.
It operates as B9 Beverages Pvt Ltd.
The company converted from private to public company ahead of a proposed IPO, requiring fresh excise approvals across multiple states.

Bira 91 needs fresh capital and a clear balance sheet.
A new management team will be put in place.
Recapitalisation by existing investors and lenders under a revival plan will clear statutory, employee, and vendor dues.
The goal is to restart operations.

Peak XV Partners (existing investor) — Existing investor in Bira 91.
Sofina (existing investor) — Existing investor in Bira 91.
Kirin Holdings (existing investor) — Japanese company, existing investor in Bira 91.
Anicut Capital (lender) — Lender to Bira 91.
Hero Corporate Services (lender) — Family office of Hero Corporate Services, lender to Bira 91.