VG Siddhartha is not just known as the owner of Cafe Coffee Day, he is a multi-faceted entrepreneur and son-in-law of former Karnataka chief minister SM Krishna
Managing Director of Coffee Day Enterprises, and owner of the Cafe Coffee Day chain, VG Siddhartha poses for a photograph. Pic/AFP
VG Siddhartha, founder and owner of popular coffee shop chain Café Coffee Day, also known as ‘CCD’ among the urban youth is a name one should to remember. He has been missing since Monday, sparking speculations of him attempting suicide, with reports of an apology letter emerging. For those who do not know much of him, here’s all you should know about his glory days, ventures, trials and tribulations.
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Humble beginnings
Born in Chikmagaluru, Siddhartha holds a master’s degree in Economics from Mangalore University and started his business innings at the age of 24 with JM Financial Limited in Mumbai as a management trainee in Portfolio management and securities trading on the Indian stock market under the leadership of the company’s then Vice-president Mahendra Kampani. Two years later, He moved to Bangalore to start his own business for which he bought a Rs 30000 worth stock market card along with a company, Sivan Securities. The company was renamed in 2000 as Way2wealth Securities.
Also read: Cafe Coffee Day chain founder VG Siddhartha goes missing in Mangaluru
He owns 10000 acres of coffee plantation in Chikmaguluru that is known to produce 30000 tonnes of coffee through his company Amalgamated Bean Coffee Trading Company Limited (ABCTCL). In two years, he became the second-largest coffee exporter in India. He is also a board member of Global Technology Ventures, Mindtree, Liqwid Krystal and Ittiam.
Indian Chairman and Managing Director of Coffee Day Enterprises, and owner of the Café Coffee Day chain, VG Siddhartha
Coffee lovers’ haven
In 1996, Siddhartha took a giant leap in his coffee business by opening the first-ever outlet of Café Coffee Day at Bengaluru’s Brigade Road. The coffee shop was established at the time when the city saw a number of IT companies starting their operations. Although it started as a retail restaurant, it is known that the outlet would offer coffee and an hour of internet for Rs 100 back then. Café Coffee Day is known to be vertically integrated to cut costs by using the coffee grown in ABCTCL’s plantations in Chikmagaluru and its wood being used for making the outlets’ furniture.
The coffee shops gradually became a go-to hub for the urban youth to hangout with their friends and bond over scrumptious meals, the necessities that led to the chain of outlets opening up in different parts of the country. As of March 2018, the chain owns close to 2700 retail outlet across India and more than 47,500 vending machines supplied in across the corporate offices in the country, the chain’s 2018 annual report mentioned. Coffee Day Enterprises also has its presence in Austria, Czech Republic and Malaysia.
Troubled Times
With accomplishments, Siddhartha has had his share of controversies too. In 2017, he was accused of tax evasion as income tax raids were conducted by senior officials of the Income Tax departments of Karnataka and Goa, at more than 20 locations, including Mumbai, Bengaluru, Chennai and Chikmaguluru. The shares of the coffee shop chain had reportedly plunged by 9.86% following the raid. He is been reportedly reeling under debts incurred from the loss suffered in his companies and had been selling some stakes to recover from the losses.
On the evening of July 29, he reportedly got out of his car near Netravati river off Mangaluru city and went missing since then. A massive search operation is underway.
Also read: CCD founder VG Siddhartha goes missing in Mangaluru, Twitterati reacts
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