News Karnataka
Monday, March 04 2024
Business News

Layoffs Hit Third Wave Coffee, Backed by Nikhil Kamath

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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.

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