Former Bira 91 Employees Protest Outside Founder Ankur Jain's Residence Over Unpaid Salaries and Statutory Dues

Financial Crisis Hits B9 Beverages: Former Employees Protest Unpaid Salaries and Statutory Dues

B9 Beverages Ltd, a leading craft brewer in India, is facing a severe financial and governance crisis. Former employees staged a protest outside the residence of founder and CEO Ankur Jain in New Delhi, alleging months of unpaid salaries and non-deposit of statutory dues.

Key Facts:

• About 50 former employees gathered for a silent demonstration on Sunday, citing delayed wages, pending provident fund deposits, and tax discrepancies.
• Employees have launched an Instagram page documenting their grievances and the protest.
• The company has been operating on an "extremely lean cost structure" since April 2024, with no significant expansion of employee-related or statutory dues.

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Financial Performance:

• Revenue from operations in FY24 fell to ₹638.5 crore, a decline from ₹824.3 crore in FY23.
• Losses surged to ₹748.8 crore in FY24, from ₹445.4 crore in FY23.
• Beer production has been on pause since the third quarter of this fiscal year.

Unpaid Dues:

• A former employee estimates that dues owed total nearly ₹25 lakh, including about eight months of unpaid salaries and provident fund contributions.
• The company disputes estimates of employee statutory liabilities, stating that actual dues are a "small fraction" of the costs.

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Funding Strains:

• B9 Beverages has not received any capital infusion from existing or new shareholders since April 2024.
• Discussions with new investors are ongoing, with a closing date expected before the end of this fiscal year.