Bira 91, the crafted beer company that popularized wheat beer among urban Indian millennials, has reached a bitter end. Ankur Jain, the founder of Bira 91 parent B9 Beverages, has resigned from the board and his executive position following a settlement with lenders and investors, paving the way for the company’s restructuring and a new capital raising. Jain made the revelation in a letter he posted on LinkedIn on July 22, 2026, addressed to employees, investors, and partners, which was equal parts apology, explanation, and farewell.
According to Jain, the settlement took much longer than expected as it involved nearly 30 stakeholders with “genuinely different, often competing interests.” “We have now reached that settlement. As part of it, my family and I will be stepping away from the board, and from our executive positions, with immediate effect,” Jain wrote.
“Bira 91 founder Ankur Jain steps down after settlement with lenders, investors. As part of the deal, Jain and his family exit the board and executive positions immediately. All litigation withdrawn. Personal guarantees released. Way cleared for investor-led recapitalisation.”~Entrackr
What The Settlement Covers: Stakes, Guarantees, And Litigation All Resolved
Under the settlement, the promoter family, which held approximately 17.8% of the company, will relinquish its control as investors and lenders oversee the next phase of restructuring. The settlement includes the withdrawal of all litigation, release of personal guarantees extended by the founder, and the promoter family’s exit from the company’s board and executive positions. He added that all parties have agreed to withdraw claims and legal proceedings against each other, bringing the dispute to a close.
The release of Jain’s personal guarantees provides the most significant financial relief in the deal. Indian founders who personally guarantee corporate financing expose their personal assets to lenders if the company falls, creating a liability that can follow an entrepreneur for years after a business fails. The deal eliminates that risk totally.
The settlement clears a key hurdle for a planned recapitalisation that could help revive the beer maker after months of operational and financial stress. Existing investors and lenders are expected to inject fresh capital and work towards restarting operations over the next three to six months.
“Bira 91 Founder Ankur Jain Steps Down, Gives Up 17.8% Stake In Settlement. The settlement is expected to pave the way for an out-of-court restructuring, with existing investors likely to infuse fresh capital to revive the business after months of financial distress.”~Inc42
The Financial Crisis That Made Exit Unavoidable: ₹1,000 Crore In Debt, Production Halted
The founder exit is a by-product of a long-drawn financial crisis at Bira91 parent B9 Beverages that saw production come to a halt while debt swelled to as much as ₹1,000 crore. Jain himself acknowledged in his letter that the company had navigated multiple near-collapse moments over the past two years through repeated emergency fundraising but that a failure to secure fresh institutional capital over the last 18 months ultimately made the current settlement unavoidable.
The company’s investor table included some significant names. Japan’s Kirin Holdings was the largest single shareholder with 20.1% stake as of mid-2025, followed by Peak XV Partners at 14.6% and Jain’s family at 17.8%. Kirin had itself been exploring an exit from B9 Beverages since late 2025 as part of a broader global portfolio review adding further complexity to an already difficult stakeholder environment.
Bira 91 was formally launched in February 2015 by Jain, who had returned to India from New York where he had been running a healthcare startup. The brand found immediate traction among urban young adults as a craft beer alternative to the established mass-market brands growing from 150,000 cases in its launch year to rapid scale across multiple cities. That early momentum attracted institutional capital but also led to an aggressive expansion that ultimately outpaced the company’s ability to generate sustainable cash flow.
“Bira 91 founder Ankur Jain exits board, gives up control as brewer enters investor-led revival. Settlement clears way for recapitalisation expected over next 3-6 months. All litigation withdrawn. Personal guarantees released. Promoter family’s 17.8% stake surrendered.”~Storyboard18
Jain’s Parting Message And What Comes Next For Bira 91:
Jain said he believes stepping aside is the right outcome for both the company and himself, allowing Bira 91 to move forward with a cleaner balance sheet, fresh capital and new leadership. “Bira 91 needs fresh capital, a clear balance sheet, and a management team that can build the next phase without the weight of everything that came before,” he wrote. While no longer involved in management, Jain said he would continue supporting the brand from the sidelines.
The tone of Jain’s letter was notably candid acknowledging that delayed salary payments to employees were among the most painful consequences of the financial crisis, and that the brand’s survival over the past two years had depended on the loyalty of its team despite those delays.
The brand itself will undergo investor-led restructuring over a period of three to six months, after which a capital increase will enable production to continue and the company to regain commercial momentum. Even after a very challenging time, Bira 91’s brand awareness, distribution connections, and devoted customer base that sustained the production halt give credibility to the recapitalization story. The key challenge for Bira 91’s next chapter will be whether the investors who currently own the business can carry out that revival without its founding entrepreneur.
