Bira 91 founder Ankur Jain exits B9 Beverages after lender settlement, clears path for restructuring
Ankur Jain resigns from B9 Beverages after settling with lenders, enabling restructuring and a new capital raise.Summary
Ankur Jain, founder of Bira 91 parent B9 Beverages, announced his resignation from the company's board and executive role after reaching a settlement with lenders that involved nearly 30 stakeholders. As part of the settlement, Jain and his family will step away from the board and executive positions, withdraw all claims and litigation, release personal guarantees, and relinquish their combined 17.8% stake in B9 Beverages. Jain said the settlement clears the way for the brewer to raise fresh capital, strengthen its balance sheet, and appoint a new management team to lead its next growth phase, following a turbulent period marked by mounting losses, a legal dispute with Kirin Holdings and Anicut Capital over the Beer Café chain, a failed investment by Global Emerging Markets, and a sharp decline in revenue from ₹840 crore in FY23 to around ₹600 crore in FY24 with losses exceeding ₹640 crore.
(Source：Startuppedia)