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Jaswanth Jegan
Founder-Hexpertify.c... • 1y
"The Founder's Suicide" Bankruptcy to Billions #1 Cafe Coffee Day's Turnaround Story Cafe coffee day was started by VG.Siddhartha in 1996 in Banglore.It quickly extended to more than 1000 shops in the India by 2011. But CCD had accumulated a total debt of around 7k crore in 2019 to repay Siddhartha sold his 20% stake in the Mindtree to L&T for 3.2k crore. Even with the sale of his own stakes turned out to be really tough because the working capital requirements could not be met.VG Siddhartha Came under the radar of IT Department, They discovered around 650 crore of concealed income. Siddhartha was found missing in July 29 2019 two days later his body was found in the Nethravathi river backwaters. VG Siddhartha left a letter expressIng his unhappiness over not creating a profitable business,he also alleged that a senior income tax officer harassed him. Then his wife Malavika Hegde took over and disposed non essential assets,reduced debt and the company was up and Running.
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