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Bira 91’s Ankur Jain plans asset sale to clear pending salaries, PF dues amid mounting debt
Founder reportedly told employees a buyer has been found for one company asset to infuse immediate cash; lenders and shareholders yet to give consent as production remains halted since July.
Recently, more than 250 employees of B9 Beverages have petitioned the company’s board and top investors - including Japanese beverage major Kirin Holdings and Peak XV Partners - seeking the removal of founder and CEO Ankur Jain from the company’s management. (Photo: Forbes India)
Craft beer maker B9 Beverages, the parent company of Bira 91, is planning to sell one of its assets to raise immediate funds and clear pending employee dues. Founder Ankur Jain reportedly informed employees on Thursday that a buyer has been identified and that the proposal has been shared with key lenders and shareholders for approval.
Over 250 Bira 91 employees demand founder Ankur Jain’s ouster amid financial turmoil and unpaid dues
“We have sent the proposal to key lenders and shareholders yesterday... and are hopeful of timely consent,” Jain said in a letter to employees.
He confirmed sending the letter but declined to specify which asset is being sold. “The company has identified various avenues to resolve employee dues and revive operations, including the sale of certain non-core assets,” Jain told ET.
B9 Beverages’ key shareholders and lenders include Japan’s Kirin Holdings, Anicut Capital, and Peak XV Partners.
In his letter, Jain noted that proceeds from the proposed asset sale would be used to clear employee provident fund (PF) dues, release salaries for the bottom 50% of employees (including ex-employees), and restart operations in key markets.
The development comes at a time when the company is facing a severe liquidity crunch. Over 250 employees had earlier petitioned the board and shareholders seeking Jain’s removal, citing unpaid salaries for over six months, arrears, and pending reimbursements from November 2024, along with unpaid TDS for more than 50 staff members.
Production at B9 Beverages has been stalled since July 2025. The company reported a net loss of ₹748 crore in FY24, exceeding its total revenue of ₹638 crore, as sales volumes dropped to 6–7 million cases. FY25 financials are yet to be filed.
Recently, B9 Beverages lost control of its pub chain, The Beer Cafe, after its largest shareholder Kirin Holdings and lender Anicut Capital invoked pledged shares in BTB (Better Than Before), the company operating the 42-outlet café chain. The restructuring effectively removed B9 Beverages from any ownership stake in BTB as the Japanese and Indian investors took charge amid the company’s deepening financial distress.
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