Third Wave Coffee axes over 120 employees after $35 million funding round

Updated : Dec 15, 2023 14:31
|
Editorji News Desk

Third Wave Coffee Layoffs 2023: Third Wave Coffee, a Bengaluru-based firm known for its specialized coffee offerings and curated menu, has made headlines after reportedly letting go of more than 100 employees. This move comes months following the company's successful Series C funding round that raised $35 million.

According to a Moneycontrol report, departures were seen across various departments including technology, finance, marketing, business development, and the app division, marking the first significant layoffs in the company's history. Unfortunately, this scenario isn't unique, as other companies like Bizongo and Euler Motors also underwent employee reductions after securing substantial funding.

Also read/watch - Ram temple inauguration: Ayodhya gears up for boost in tourism economy

Established six years ago, Third Wave Coffee boasts a network of cafes across multiple Indian cities, including Hyderabad, Coonoor, Bengaluru, Delhi (NCR), Mumbai, Chandigarh, and Pune. Out of approximately 109 stores, half are operational in Bengaluru.

Despite plans to expand further by adding 50-60 outlets in smaller cities following the recent funding, the company faced the unexpected task of downsizing. Over the past 24 months, Third Wave Coffee has accumulated over $60 million in funding from three rounds, counting investors such as WestBridge Capital, Creagis, Sujeet Kumar from Udaan, and Nikhil Kamath from Zerodha.

Post the Series C funding, Creagis held a 13.61% stake, while WestBridge and Sujeet Kumar owned 32.62% and 5.64%, respectively. Co-founders Sushant Goel, Ayush Bathwal, and Anirudh Sharma collectively retained 26.03% ownership.

In the competitive landscape, Third Wave Coffee faces rivals such as Blue Tokai, Sabko Coffee, Rage Coffee, Slay Coffee, Sleepy Owl, and Seven Beans Co

LAYOFF

Recommended For You

editorji | Business

Sensex falls 429 points, Nifty slips 173 points after RBI rate hike

editorji | Business

RBI raises repo rate by 25 bps to 5.50%, shifts policy towards tightening

editorji | Business

GST rates likely unchanged as 57th Council meeting focuses on reforms

editorji | Business

Sensex gains 685 points, Nifty rises 220 points to cross 22,700

editorji | Business

Sensex gains 473 points, Nifty rises 134 points as markets stage recovery