News Karnataka
Monday, March 04 2024
Business News

Layoffs Hit Third Wave Coffee, Backed by Nikhil Kamath

Coffee
Photo Credit : Google

New Delhi: According to media reports on Thursday, Zerodha Co-founder and CEO Nikhil Kamath-backed specialty coffee brand Third Wave Coffee fired more than 100 workers.

According to sources cited by MoneyControl, employees in a variety of verticals, including tech, finance, marketing, business development, and apps, have been asked to leave.

According to the report, the startup will provide the affected employees with two months’ salary if they choose to resign immediately, with support from Unacademy’s co-founder and CEO, Gaurav Munjal.

The Bengaluru-based startup just completed a $35 million Series C financing round.

In a statement, a Third Wave Coffee spokesperson said that after a strategic review, the startup “has decided on a one-time restructuring exercise to consolidate our teams, impacting less than 10 per cent of the organisation”.

“As an organisation, we are in a strong position post the recent fund raise. We will continue to scale and build TWC as India’s most-loved coffee brand,” the spokesperson added.

Read More

Amazon’s Alexa Layoffs Hit Hundreds in India

Meta global layoffs hit India, including senior executives

Share this:
MANY DROPS MAKE AN OCEAN
Support NewsKarnataka's quality independent journalism with a small contribution.

How useful was this post?

Click on a star to rate it!

Average rating 0 / 5. Vote count: 0

No votes so far! Be the first to rate this post.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

To get the latest news on WhatsApp