Ankur Jain moved to the US in 1998, graduated from the Illinois Institute of Technology in 2002 and worked at Motorola. He then built a healthcare revenue management business in New York and sold it in 2007. Storyboard18 reported, citing an interview, that his architect father did not speak to him for five years after learning of his beer plans.
He came back to India in 2008 and began importing craft beers. In 2015 he launched Bira 91 through B9 Beverages. Sequoia put in $6 million in January 2016, Sofina and others added $50 million in 2018, and Kirin Holdings invested $30 million in January 2021.
Revenue crossed $100 million in FY23, but FY24 brought a net loss of Rs 748 crore on Rs 638 crore of revenue. Debt was reported at up to Rs 1,000 crore, and the company wrote off Rs 80 crore of inventory.
Production halted in July 2025, and more than 250 employees petitioned for Jain's removal in October 2025. He left in July 2026 as investors and lenders recapitalised the company, and his family surrendered a 17.8 percent stake.