Bira beer maker restructures leadership amid liquidity woes and revenue decline
, the makers of
Bira beer
, has hired senior leaders and made changes to its top deck at a time when the company is facing liquidity woes and repayment issues to retail investors from KredX, a fintech marketplace.
The company appointed Vikram Qanungo, who returns to
Bira 91
after 2018, as its chief financial officer again. He was Bira 91's CFO in 2015-2019, replacing Meghna Agrawal, who held the position from 2019-2024. Bira 91 also appointed Dr. Manoj Mishra, ex head of supply chain at Ball Corporation (India and SEA), as the vice president, manufacturing.
The company has promoted Nayanabhiram Deekonda, a nine year veteran in the company, as SVP – sales, heading India sales, a designation that was vacant since Deepak Malhotra, who left in 2023 to join Inbrew as chief business officer - beer. Deekonda was SVP - chief of people, product and growth from October 2024.
B9 Beverages also promoted Deepak Sinha, ex VP international business, as SVP – brand & innovation. Sudhir Jain, SVP & chief of integrated supply chain will also handle additional responsibilities of heading people function at the company. And finally Vandana Sahni, ex-head of financial planning and analysis at Bira 91 is also promoted to chief of staff and head, strategy.
The company confirmed these appointments and management changes to ET.
According to regulatory filings, Bira91 posted revenues' decline of 22% in FY24 to Rs638 crore, and its losses widened by 40.58% to reach Rs749 crore. ET reported in May that the company was behind on paying its retail investors as well, in the company KredX, to which Jain back then said, "There are
liquidity issues
that the company is facing… but the management has told lenders that it is in the process of raising funds that will help it manage debt repayment"
Back in June last year, ET had also reported on the company having supply issues, with almost no supply in most of its key markets for months at a stretch. The valuation of the company has been flat from October 2021 till April 2024 at $523 million, as per Tracxn. The company is also in advanced talks with BlackRock, which is planning to invest Rs500 crore in the promoter group of Bira91.
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