The terrible news of VG Siddhartha, founder of Coffee Cafe Day (CCD) missing and his letter which looks like a suicide note. The letter indicates he was harassed by Private Equity firm, IT and other officials. Also happens to the son-in-law of ex Karnataka CM SM Krishna. Hope he is safe and well. Prayers.
According to his driver, he was on a phone call when he got off the car. He has not been reachable since then.
In the letter, he has mentioned about his failure as an entrepreneur and financial loss he was going through. “I am very very sorry to let down all the people who had put their trust in me. I have failed as an entrepreneur. I fought for a long time, but today I gave up as I could not take any more pressure from one of the private equity partners forcing me to buy back shares, a transaction I completed six months ago by borrowing a large sum of money from a friend. Tremendous pressure from other lenders led to me succumbing to the situation.”
He was recently been in talks with Coca Cola offering the multinational giant a stake in the coffee retail business. According to sources, his coffee retail business was expecting to close the year ending March 2020 with sales of about Rs 2250 crore.
The 58-year old first-generation coffee entrepreneur hailed from a coffee-growing family in Chikmagalur in Karnataka. A post-graduate in Economics, who owned 15,000 acres of coffee estates, opened his first CCD outlet in August 1996 in Bengaluru’s most-visited shopping street, Brigade Road. Over a period of time, the chain grew to 1750 stores across India.
He considered CCD staffs as his family and has shown his concerns in the last paragraph of the letter. He wrote, “I have enclosed a list of our assets and tentative value of each asset. As seen below our assets outweigh our liabilities and can help repay everybody.”