In a LinkedIn post, Jain 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,” the post read.
Jain reassured staff in the post that employees would be prioritised in the fundraise and emphasised a commitment to payroll timeliness, noting that since Bira 91’s inception in 2015 until early 2025, payroll was always given importance over other investments.
He also dismissed the negative press around the company as inaccurate and driven by “convoluted and cynical objectives”.
A major crisis has been brewing at Bira 91’s parent company, B9 Beverages. Employees have expressed deep dissatisfaction with management, with more than 250 employees petitioning Bira 91’s board, major investors including Kirin Holdings and Peak XV Partners, and lenders to remove Jain and change leadership.
In their petition to top investors, the Japanese drinks giant Kirin Holdings and Peak XV Partners, the employees flagged “corporate governance failure, lack of transparency, delays in employee dues and salaries”, along with creditor lawsuits and a growing pile of unpaid vendors.
Production at Bira stopped completely in July, executives aware of the development told ET. US asset management fund BlackRock walked away from a 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,” he summed up the post.
