B9 Beverages Ltd, the parent company of the beer brand Bira 91, has appointed Manoj Kohli, former head of SoftBank India, and Bharat Anand, a partner at Khaitan & Co., as independent directors to its board.
Bira91 anticipates harnessing the extensive global business expertise of the newly appointed directors to support its business expansion both in India and internationally. Additionally, the company aims to enhance its corporate governance through their contributions.
As the former Managing Director and CEO of Bharti Airtel, Kohli played a key role in advising SoftBank on its portfolio startups, including Ola, Paytm, Lenskart, Snapdeal, and WeWork, according to a statement by Bira91. Presently, he holds positions on the boards of notable companies such as WeWork India and Triveni Engineering. Furthermore, he serves as a senior advisor for Deloitte India and Masters’ Union.
On the other hand, Anand, serving as the partner and office head at Khaitan & Co., contributes his expertise as a corporate lawyer. In additional capacities, he plays a role as a member of the national executive committee of FICCI and is actively involved in CII’s Committee on Transparency and Governance.
Commenting on the new appointments, Bira91’s founder and CEO Ankur Jain said, “We are at an important inflection point as a business, and as we continue on our journey of high growth, we would want to ensure that we develop a business that has long-term sustainability, improved risk management and increased quality of corporate governance. With Manoj’s and Bharat’s experience, I am sure we will be able to strengthen Bira 91 considerably on these aspects.”
The decision is likely a strategic step by Bira91 to enhance its board, aligning with its intention to go public. Last year, the startup transitioned into a publicly traded entity.
Established in 2015 by Ankur Jain, Bira 91 asserts that it distributes its beer in over 550 towns and cities, spanning across 18 countries. The startup maintains its position as the fourth-largest beer company in India.
With support from Kirin Holdings, MUFG Bank, Sofina of Belgium, and Peak XV Partners, Bira91 completed the acquisition of The Beer Cafe last year. In March, it secured $10 million in funding from MUFG.
In FY23, the net loss increased by 12% to INR 445.4 crore compared to INR 396 crore in the preceding fiscal year, while the operating revenue witnessed a 15% year-on-year growth, reaching INR 824.3 crore.