Bira 91: governance, debt, and the challenge of founder control

Learning outcomes The key learning objectives of this case study are as follows: Case overview/synopsis This case examines Bira 91, an Indian craft-beer and premium alcoholic beverage company, during a period of rapid growth, rising financial pressure and governance transition between 2020 and late 2025. Founded by Ankur Jain in 2015, Bira 91 developed into one of India’s most visible youth-oriented beer brands through its distinctive positioning, strong urban appeal, investor-backed expansion and a premium craft-beer identity. However, as the company expanded its production capacity, distribution network and market presence, it also faced rising debt, working-capital pressure, lender scrutiny and investor concern over governance discipline. The protagonist, Ankur Jain, Founder and Chief Executive Officer of Bira 91, faces a critical board-level dilemma. He must decide whether to step aside in favour of professional leadership, retain his position while accepting stronger governance and financial controls or preserve the existing founder-led structure while attempting refinancing and operational recovery. The case is designed to teach corporate governance, entrepreneurial finance, venture debt, capital-structure discipline, stakeholder management and leadership transition in founder-led emerging-market startups. Complexity academic level This case is suitable for postgraduate management education, particularly MBA, Executive MBA and specialised master’s programmes. It can also be used in doctoral seminars dealing with entrepreneurial finance, corporate governance, emerging-market firms and founder-led organisations. Subject code CSS 1: Accounting and Finance.