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Ankur Jain has said that he and his family are giving up all responsibility in any further settlement process. He will be cheering from the sidelines, he said.
Ankur Jain and his family has stepped down from the board of the Bira 91 beer and relinquished all control over the process of further settlements. (Image source: LinkedIn profile of Ankur Jain)
Bira 91 founder Ankur Jain and his family has stepped down from the board and all executive roles at parent firm B9 Beverages, after reaching a settlement with the company’s lenders and investors.
On July 21, in a three-page address to employees and stakeholders, Jain said the agreement, covering nearly 30 stakeholders with “genuinely different, often competing interests”, took months of negotiations, as per a PTI report.
“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,” he wrote in the letter shared on LinkedIn.
Jain said Bira 91 now needs fresh capital, a clean balance sheet and a new management team to lead its next phase. He added that he would support a smooth transition.
As part of the deal, both sides will withdraw all claims and litigation. Personal guarantees given by Jain for corporate loans will also be released. “It is, in every sense, a clean and full close of this chapter,” he said.
B9 Beverages had defaulted on several loans from banks and financial institutions, against which promoters had pledged their shareholding.
Jain had been under pressure from investors including Kirin Holdings Singapore (20.1%) and Peak XV (14.6%), among others. Reports also suggest the promoter family has given up its roughly 17.8% stake held jointly by Ankur Jain, Sashi Jain and Day1 Advisory.
He said the company’s next phase would require fresh leadership and financial discipline. Jain also apologised to employees for delayed dues.
“I am sorry to every employee who didn’t get what they were owed, when they were owed it. That is on me,” he said.
Jain, who founded Bira 91 in 2015, said the company had survived multiple crises over the years, including the COVID-19 pandemic. However, in the past 18 months, it failed to raise capital “at any cost, under any terms.”
On future plans, Jain hinted at starting something new with members of his core team but did not share details.
“As I get on to my next act, it would be an honour to build it with you again, and this time, better,” he said.
He added that he would continue to support Bira 91 “from the sidelines” and expressed hope that the brand would continue to grow under new ownership and management.
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