Bira CEO Ankur Jain must quit, say investors, lenders

Some large institutional stakeholders in homegrown beer maker B9 Beverages, the owner of the Bira 91 brand, have started discussions on the removal of founder and chief executive officer (CEO) Ankur Jain citing his inability to run the financially troubled company, four people aware of the development said.

- Suneera Tandon & Priyamvada C.

During a virtual call on 9 September, investors and lenders including Peak XV, Sofina, Sixth Sense Ventures, Anicut Capital and Japan's Kirin Holdings discussed the state of the business, with most shareholders agreeing to infuse fresh funds into the company on the condition that Jain steps down.

Two of the four people cited above attended the 9 September meeting.

A financial settlement with Jain ina mix of equity and cash ‘was also discussed, the two people confirmed. All four requested anonymity.

B9 is facing shrinking revenues, mounting losses, tax troubles and pending vendor dues. Some 250 employees have petitioned the B9 board and investors over delayed salaries and governance concerns, The Economic Times reported.

Jain denied any such development or a formal offer before him. “Neither any offer to bring incapital has been presented to me, the company or its board by any investor, lender or stakeholder on the condition that I step down, nor has any “financial settlement” been offered to me or any of the promoters,” he said in an email.