Bira 91 Fizzles Out, Groww's Next Act & More

The Bitter Collapse Of Bira 91

Once hailed as India’s craft beer darling, Bira 91 is now drowning in debt, disruption, and distrust. Besides staring at a fire sale, the brand is saddled with mounting losses, lax governance and an exodus of talent. So, how did all hell break loose at Bira 91?

The Costly Name Change: The first domino fell when Bira 91’s parent switched from a private to a public entity due to a regulatory necessity. This name change triggered licensing delays and hit manufacturing, which paralysed business for months. While this was beyond control, factors like over-hiring, excess product launches, reckless global expansion, and intensifying competition eroded the startup’s edge.

Founders Vs Shareholders: In the latest twist, the Bira 91 saga has now turned into a full-blown boardroom brawl. Investors are now accusing CEO Ankur Jain and his family members, who dominate the board, of waiving excess remuneration for the latter in violation of the Companies Act. Backers now seek the family’s exit, while the company’s website has gone offline.

Investors Take Charge: Key shareholders Kirin Holdings and Anicut Capital have also invoked clauses to seize The Beer Cafe, its only profitable asset. Uncertainty remains the norm, with production halted since July and a rumoured asset sale. Then there are issues related to an INR 950 Cr debt, vendor defaults, and employee layoffs.

The Governance Gridlock: Discontent simmers at every level. Staff allege months of unpaid salaries, with over 250 employees petitioning for Jain’s removal and a forensic audit. The spate of CFO exits since 2019 and a lack of independent board members have only deepened the crisis. Auditors, too, have raised red flags about liabilities exceeding assets and questioned the company’s ability to continue as a going concern.

As of now, can Bira 91 reclaim its fizz, or will it become another startup cautionary tale? Let’s find out…

From The Editor’s Desk Groww’s Next Act

• Groww’s INR 6,632 Cr IPO, oversubscribed 17.6X, marks India’s biggest fintech listing this year, valuing it at INR 61,700 Cr ($7 Bn).
• But, as Groww lists on November 12, it faces the real test — scaling sustainably while expanding into portfolio management services, alternative investment funds and advisory services.
• Groww’s IPO is a signal of Indian fintech maturity. By balancing growth, regulation and profitability, Groww aims to build a long-term wealthtech platform for India’s next 100 Mn investors.

CarTrade To Acquire Rival CarDekho

• CarTrade is in advanced talks to acquire CarDekho in a cash-and-equity deal valued at more than $1.2 Bn. The merger would combine two leading online auto marketplaces, creating a full-stack digital ecosystem, spanning vehicle financing, insurance and resale.
• CarTrade’s strong balance sheet, including INR 1,080 Cr in cash and net profits doubling YoY in Q2 FY26, provides ample firepower for the deal.
• If completed, the transaction would be one of the largest consolidations in India’s auto tech sector, intensifying competition against rivals such as CARS24, Spinny, and Droom.

PW’s INR 1,563 Cr Anchor Round

• Ahead of the commencement of the bidding for its IPO today, the edtech major raised INR 1,562.8 Cr from anchor investors.
• Physics Wallah’s IPO comprises a fresh issue of shares worth INR 3,100 Cr and an OFS of INR 380 Cr, with all institutional investors retaining their stakes. The IPO will close on November 18, targeting a valuation of around INR 31,169 Cr.
• Starting off as a YouTube channel, PW has since evolved into an edtech unicorn offering a gamut of test preparation courses. While its strong brand pull and offline expansion have carved a niche in the edtech arena, losses continue to be its Achilles heel.

Ather’s Q2 Snapshot

• The EV maker managed to trim its net losses 22% YoY to INR 154.1 Cr in Q2 FY26 on the back of operating revenues zooming 54% YoY to INR 899 Cr and operational improvements.
• Despite top-line growth, Ather’s expenses soared 38% YoY and 28% sequentially to INR 1,094.8 Cr, driven by heavy costs of materials, marketing, and employee benefits.
• While growing market share and improvements in margins indicate the company’s bid to balance scale with profitability, supply chain disruptions, especially related to rare-earth magnets, remain a challenge.

Gameskraft’s Layoff Tally Grows

• Following the ban on real-money gaming, Gameskraft has so far laid off 400+ employees, as part of a company-wide restructuring to ensure business continuity.
• Founded in 2017, Gameskraft operates platforms like RummyCulture and LudoCulture, catering to India’s gaming audience. However, it has been juggling with its own internal issues, including an ex-CFO alleged to have syphoned off over INR 250 Cr in FY25.
• The RMG clampdown has triggered industry-wide layoffs affecting thousands, with players like MPL and Games24×7 also firing hundreds. The ban has also forced companies to pivot to new business models or relocate overseas.

Inc42 Markets

Inc42 Startup Spotlight How xSpecies AI’s Robots Are Automating India

India’s push towards automation in logistics and defence is stymied by a heavy reliance on imported robotic systems. These imports are costly, rigid, and often poorly suited to India’s unique environment. Solving this problem is xSpecies AI, which is building indigenous, scalable robotics solutions.

A Desi Innovation: Founded in 2025, Bengaluru-based xSpecies AI has developed a full-stack robotics ecosystem integrating hardware, AI, and software for versatile applications. Its portfolio spans the AIWare engine – an advanced vision-language-action AI framework, the HANDY robotic arm optimised for logistics, and MANAV, a humanoid robot designed for complex interactions.

Automating India: As sectors like ecommerce and healthcare increasingly adopt robotic solutions, the global robotics market is poised to hit tens of billions by 2030. With its R&D and manufacturing rooted in India, xSpecies AI aims to make India a hub for affordable and scalable humanoid robotics that serve real-world needs.

But can its integrated approach reshape India’s automation ambition?

Infographic Of The Day

Lenskart’s muted market debut still turned into a spectacle for early backers, with Pi Ventures leading the pack at 16.6X returns and SoftBank cashing in INR 1,025 Cr.

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