Zerodha's Nikhil Kamath-backed Third Wave Coffee lays off 120 employees: Report
startup raised $35 million in its Series C funding round led by Creaegis, a private equity firm, Westbridge Capital and Udaan’s Sujeet Kumar, said the report. The report added that there was no written communication informing employees about the headcount reduction, and it was all done in-person at Third Wave’s office, according to people aware of the developments.
Employees across teams such as finance, tech, marketing, business development and app were fired, as per the report. One of the employees told the news website that the head of human resources (HR) and the founder came to them and spoke for 10-15 minutes, informing people that their roles are no longer needed in the restructured organisation.
Also Read: Third Wave Coffee raises $35 million in Series C round The layoffs have been going on for the past two days and the employee added that there is going to be another round tomorrow (December 15). Senior leaders have also been impacted by the decision.
Third Wave will pay all affected employees two months’ salary in case they wish to leave immediately or has even offered employees the option to work until the mid of February in case they wish to, according to the report. The decision to layoff employees also comes at a time when Third Wave said it will be expanding its offline footprint across the country.
Established by Sushant Goel, co-founder and chief executive, Ayush Bathwal, and Anirudh Sharma in 2017, the firm currently has over 100 stores, in line with the rapid growth of India’s coffee and food industry. Third Wave Coffee Roasters competes with Slay Coffee, Blue Tokai, Sleepy Owl Coffee, Hatti Kaapi and traditional chains such as Cafe Coffee Day, among others.Milestone Alert!
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