In 2015, Bira 19 introduced India to craft beer. In the process, the brand started the conversation around taste and quality. It very quickly blew up and became the cool new beer to drink at a bar or a party.

The craft beer brand also managed to become a hit among investors. It bagged $450 million in funding from the likes of Japanese beer and beverage company Kirin Holdings and venture capital giant Peak XV Partners, formerly known as Sequoia Capital.

But somewhere along the way, the brand seems to have lost direction. In the last few years, Bira has been in short supply at liquor retailers and pubs. And to make matters worse, former Bira executives and industry insiders say that the company’s dealing with a major cash crunch and its supply chain is in a dire state.

All of this at a time when the company is reportedly planning to go public. Bira CEO Ankur Jain recently said that Bira is planning its IPO in 2026.

But will he be able to get his business in order by then? And more importantly, what went wrong?

Tune in to find out.