Overview

• More than 250 employees petitioned the board and major investors to remove founder-CEO Ankur Jain, citing delayed salaries, unpaid dues and governance lapses.
• Jain posted on LinkedIn that he is focused on completing a fundraise and will prioritise employees in any capital raise, and he told ET that pay was overdue by three to five months with some tax payments also delayed.
• A legal name change that required fresh state excise registrations halted sales for months and led to an estimated Rs 80 crore inventory write-off.
• The fallout hit performance hard, with volumes dropping to six–seven million cases, revenue sliding to about Rs 638 crore and net loss reaching roughly Rs 748 crore, as headcount fell to just above 260.
• Funding efforts include a DS Group–led $10 million rights issue and reported talks for roughly $132 million in new capital, while retailers shifted away during shortages and rivals such as Simba and White Owl gained share.