Who is V G Siddhartha?
V G Siddhartha was an Indian businessman Founder, Chairman, and Managing Director of the Cafe coffee day chain(CCD) with a net worth of 1.2 billion. He was also a member of many different companies, had total assets of CCD US$ 27.43 crores, and for other companies, assets were around US$8.57 lakh. V G Siddhartha revolutionized the way of drinking coffee in India.
V G Siddhartha married Malavika Krishna the former Karnataka CM daughter S.M Krishna and has two children Amartaya Hedge and Ishaan Hedge. Father Gangaih Hedge was a businessman and her mother Vaasanthi G Hedge was a housewife.
Date Of Birth
V G Siddhartha full name Veerappa Gangaiaha Siddhartha Hedge was born in the year 1959 in Chikmagalur, Karnataka. But settled in Mangalore, his family was in the business of the fertilization of Coffee beans for many years, the reason to his interest begins in the coffee business.
After completing his master’s degree in economics subject from Mangalore university. At the age of 24 started work in an investment management firm GM financial ltd as a management trannie.
Cafe Coffe Day
But after 2 years he thought of doing business he then left the job and came back home, and through the help of his father started a business of seven securities by 30 thousand investment, later on, changed the name to Way To Wealth securities. As his family was in the coffee beans business for many years, so started selling coffee beans to the german retailer. But had different thoughts in his mind of doing business. On 11 July 1966 opened his own coffee shop outlet in Bengaluru.
Total Stores Of CCD
It worked as he thought, so after getting success in the first outlet, slowly he then started to expand his business all over India and even in other countries Nepal, Egypt, and Austria. In 2010 everything got to change when Kohlberg Kravis Roberts invested 1000 crores in CCD (Cafe Coffee Day).
If we see today CCD has spread all over India with 1752 CCD outlets total in 243 cities. It is also the largest Coffee estate in Asia, Siddartha has a total of 12000 acres, Bagan. The biggest reason for the success of CCD, Siddharta was the owner of the Coffee plantation.
Debt & Funeral
But we have seen in the news that his total business was at a loss and was under pressure of 70000 crores debt. So For removing this debt he then, on 18 March 2019 sold his Mindtree limited 20% share to the L&T company at 33000 crores. Before his death, Siddharta has written a letter to his board of directors and employees that “I have failed as an entrepreneur and every financial transaction is my responsibility The law should hold me & only me accountable”.Died on 31 July 2019.
Through this letter, it seems that because of the loss in his business and mental pressure of the IT department he took these steps but after the verification of the IT department, claiming that the signature is not being matched as his original signature. But No one knows the truth, the reality is that Siddharta is no more. Such a great businessman who has taught us many lessons throughout his entire life.