Bira 91 chief seeks fresh funding amid employees demanding change
In a LinkedIn post Ankur Jain said the brewer is close to securing new capital as staff press for overdue salaries and leadership change.
Craft beer manufacturer Bira 91’s chief executive, Ankur Jain, said he is focused on completing a fundraise and “protecting the interests” of the company and its staff, in a LinkedIn message posted on Friday.
He noted employees will be prioritised in any capital raising and that management is working to stabilise operations and restore growth.
The statement comes amid a growing dispute between staff and senior management.
More than 250 employees have reportedly submitted a petition to the board and major investors seeking a leadership change and the removal of Jain. The petition cites delayed salaries, unpaid dues and alleged governance lapses as the principal grievances.
Bira 91 has also been wrestling with financial strain. For the year ended March 2024, the parent company B9 Beverages reported revenue of about Rs 638 crore and a net loss of roughly Rs 748 crore. The loss followed a sharp drop in sales and has left the business reliant on external capital to cover working capital and liabilities.
Multiple reports have linked the downturn to a regulatory and operational disruption that followed a legal name change. The company told regulators it had changed from B9 Beverages Private Limited to B9 Beverages Limited and this required fresh registrations in multiple states under differing excise rules. That exercise forced a months-long sales halt and led to an estimated Rs 80 crore write-off of inventory.
At the same time, the firm has been in talks with prospective investors. Reuters reported that Bira was planning a substantial fundraising round valued at about $132 million, combining equity and structured credit proposals, as the company seeks funds to clear debt and restart growth. Jain referred to ongoing investor discussions in his post while warning that several steps remain before any deal is finalised.
Employees pressing for change have reportedly stated their immediate demands, which include payment of overdue salaries and vendor dues, improved transparency on fundraising terms and a governance review that would reassure lenders and investors.
In July, YourStory reported that DS Group (Dharampal Satyapal Group), an existing investor in Bira91, was leading the company's $10 million rights issue.
Before that, in June last year, Bira91 secured $25 million in Series D financing from existing investor Kirin Holdings Singapore, a few months after raising $25 million from Tiger Pacific Capital.
Founded in 2015, the company currently counts Japan-headquartered Kirin Holding, Sixth Sense Ventures, Sequoia Capital India and Belgium-based Sofina among its key investors.
Edited by Affirunisa Kankudti