B9 Beverages Ltd has appointed three nominee directors to its board following the exit of founder Ankur Jain and his family members. According to regulatory filings dated 30 July on the ministry of corporate affairs' website, the board appointed Anicut Capital co-founder Ilayaarunachalam Shanmugasamy Balamurugan, chief financial officer Veenu Mittal, and vice president Venkatesh Parthasarathy as nominee directors on 29 July. The appointments represent the first major governance overhaul after Jain and his family stepped down under a settlement with lenders.
Jain announced his exit in a LinkedIn post, stating he and his family had stepped down after reaching a settlement that provides for the withdrawal of all claims and litigation between the parties. As reported by Mint, the agreement also includes the release of personal guarantees that Jain had provided for corporate loans. The settlement followed months of negotiations between the founder, investors and lenders over the future of the company, with existing investors prepared to infuse about ₹400 crore at a sharply reduced valuation, with an option to provide another ₹100 crore.
B9 Beverages' financial performance deteriorated sharply in FY24, with revenue falling to ₹638.5 crore from ₹824.3 crore a year ago, while net loss widened to ₹748.8 crore from ₹445.4 crore. According to Mint reports, the company has been grappling with mounting financial stress after a prolonged funding drought, with beer production stopping around October 2025, offices largely shut, and operations running on a lean cost structure. The company also received tax notices from the Maharashtra government worth ₹26 crore.
The company's troubles triggered employee protests over unpaid salaries, provident fund deposits and other statutory dues. Around 50 former employees protested outside Jain's New Delhi residence in March, alleging that delayed wages and statutory payments had disrupted their finances. In his exit announcement, Jain apologised to employees over unpaid salaries, saying, "I am sorry to every employee who didn't get what they were owed, when they were owed it. That is on me, and I will carry it." However, former employees told Mint this week that while the settlement clarified Jain's exit, it did not provide a timeline or mechanism to clear pending salary and statutory dues.
The board changes signal that lenders have begun assuming direct oversight of the company as they work to restructure the debt-laden craft brewer. According to Mint reports, B9 Beverages is backed by investors such as Japan's Kirin Holdings and Sofina, with Anicut Capital and Hero Corporate Services' family office among its principal lenders. The company is seeking fresh capital after months of financial stress, halted production and a prolonged funding squeeze, with creditors including Devyani International Ltd initiating proceedings before the National Company Law Tribunal.
