By the end of the year, there have been layoffs in Third Wave Coffee, a startup backed by Nikhil Kamath, co-founder of Zerodah. According to the report of news agency IANS, the number of employees to be fired may be close to 100.
By the end of the year, there have been layoffs in Third Wave Coffee, a startup backed by Nikhil Kamath, co-founder of Zerodah. It is a specialty coffee and food brand, which after a strategic review has decided to downsize the team to increase efficiency. The news of layoffs amid Funding Winter has once again increased the concern in the startup industry.
Although the company has not released any official information regarding the number of employees to be laid off, but according to the report of news agency IANS, this number could be close to 100. This number is equal to about 10 percent of the company’s employees. This layoff done by the company will affect many departments of the company, including technology, finance, marketing, business development and app development.
Big funding was raised some time ago
This Bengaluru-based startup has decided to lay off at a time when it has recently done a big funding round. Through this funding round, the company had raised about $35 crore i.e. about Rs 291 crore. The company had raised this funding under Series C round. The largest private equity firm Cregys, Westbridge Capital and Sujit Kumar of Udaan had participated in this funding. Let us tell you that apart from Nikhil Kamat, Gaurav Munjal and Roman Saini of Unacademy have also invested money in Third Wave.
2 months advance salary
It is reported that some senior employees have also lost their jobs in this retrenchment. It is being told that 2 months advance salary is being given to the fired employees. At the same time, if the employees want to work, they are also being given the option to work till 15th February. However, if the employees look for another job after retrenchment, it seems unlikely that anyone will agree to work till February.
The company has about 100 stores
Third Wave Coffee was started in the year 2017 by Ayush Bathwal, Anirudh Sharma and Sushant Goyal. This company has rapidly expanded its presence. The company has about 100 stores in all the big cities of India including Mumbai, Bengaluru, Delhi and Pune, through which the company is earning huge income.
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