BIRA 91 – Case Study

Background

Bira 91 is a prominent Indian craft beer brand, established in 2015 by entrepreneur Ankur Jain, and was manufactured by the entity B9 Beverages Pvt Ltd. The brand quickly disrupted the Indian beer market, standing out for its diverse flavors, contemporary branding, and its focus on urban millennial geographical market. The company was able to attract marquee investors in its early funding rounds due to its aggressive pricing and marketing strategy and, its ability to capture the market.

With a 2026 Initial Public Offering (IPO) on the horizon, the company was required to transition to a public limited company as it was on the verge of surpassing the legal threshold of 200 shareholders. The company converted itself from a privately held entity into a public company, thereby B9 Beverages Pvt. Ltd. became B9 Beverages Ltd. on December 19, 2022.¹ However, the transition to a public limited company invited a host of predictable problems that the management