The staff note several alleged violations including non-payment of salaries for seven months, unremitted TDS worth about Rs 50 crore, and default on provident fund and gratuity dues.
The takeover marks another setback for the Indian craft beer maker, which has been reeling under heavy losses and a mounting debt burden
Bira 91 will get a retail presence through The Beer Cafe’s 33 outlets, while the pub chain gets the beer company’s support in innovations and supply chain.
Although brewers are putting cost controls in place to protect their margins, rising costs of barley, glass and other packaging material has made it tough for them to avoid a price hike.
By changing the ways in which it consumes energy and water and disposes of waste, the company wants to spark a revolution and ensure that every beer made in India has zero carbon emissions.
BharatPe founder also revealed that despite him being a teetotaler, his biggest investment portfolio is a craft beer company.
Bira 91 founder and CEO Ankur Jain on what it takes to build a homegrown beer brand in a country where advertising alcoholic beverages is not permitted.
Five months earlier, in January 2021, the craft beer brand had raised $30 mn from Kirin Holdings valuing the former between $230 mn to $240 mn. Back in April 2020, the firm announced that it had raised $30 million in funding led by Sequoia India and Belgium-based investment firm Sofina.
Fundraise would be about double the nearly $50 mn raised last year by B9 Beverages.
B9 Beverages, founded and led by New Delhi-based entrepreneur Ankur Jain, has quietly snagged market share through word-of-mouth recommendations in a country where marketing of alcohol is heavily regulated.
Bira 91, owned by B9 Beverages, began operations in February 2015 and expects to close this fiscal with sales of Rs 180 crore.
The other markets where the company will start distribution soon are Thailand and the UAE, the country's first handcrafted beer maker said in a statement.