Bira 91 founder Ankur Jain details fundraising efforts as 250+ employees seek his removal over unpaid salaries

Hundreds of employees at  B9 Beverages Pvt. Ltd., the parent company of Bira 91, have approached the company's board seeking a change in the leadership, The Economic Times reported.

What actually happened? 

As reported, over 250 employees have approached the board and top investors, including Japanese beverage company Kirin Holdings and Peak XV Partners, signing a petition for the removal of founder and CEO Ankur Jain, citing unpaid salaries, lack of transparency, and governance issues.

Ankur Jain addressed recent controversies around the company, claiming that his main focus is on completing a fundraising round to stabilise the business and protect employee interests.

In a LinkedIn post, he said, "A lot of you may have read recent media coverage on the progress we have made on capital raise in the recent days – and while there are still many bridges to cross, we are confident that we will be able to bring these efforts to a positive conclusion, subject to co-operation of our investors.”

Jain reassured that employees would be prioritised in the fundraiser and talked about commitment to payroll timeliness, noting that from Bira 91’s inception in 2015 until early 2025, payroll was always given importance over other investments.

"I am keenly aware of the disappointment and distress, however, trust me – no employee's interest will be sacrificed as we succeed in our efforts. In the last ten plus years, my attempt has been to ensure that payroll goes out on time, even at the cost of other critical investments," he said.

Jain dismissed the negative press around the company as inaccurate and driven by "convoluted and cynical objectives".

"Despite this speedbump, I am optimistic that we will bring back Bira 91 on the growth highway," he remarked.

Production at Bira stopped completely in July, executives aware of the development told ET. US asset management fund BlackRock withdrew its planned Rs 500 crore investment.

"I along with the management team are standing firm and are doubling-down on our efforts to restore the company to the heights we achieved together – including to raise capital and accelerate business operations. We are here to stay, and I firmly believe, no one cares about this team, brand and organization more than this leadership team," Jain summed up the post.

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