Cafe Coffee Day Founder and CEO, VG Siddhartha’s tragic demise has left many broken hearts behind. The 58 year old entrepreneur entered and changed the dynamics of the F&B sector with his vision, idea and leadership skills.
Here are the 10 unknown facts about the famous business figure.
1. Siddhartha’s Journey
Siddhartha started his journey as a management trainee with JM Financial Limited in 1983-1984. After working there for two years, he returned to Bangalore and invested in a stock market card for Rs 30,000, along with a company called Sivan Securities. Interestingly, by 1985, he owned 10,000 acres of coffee farms.
2. VG Siddhartha- Servant of the nation
He wished to serve his country and even appeared for the entrance exam of the NDA (National defence agency) but failed to clear it. He was also a part of the National Cadets Corps.
3. Adventures In Mumbai
Staying at cheap hotels was okay but the business tycoon was intimidated by the elevators. In his initial days in Mumbai he lived at a cheap hotel in Mumbai’s Fort area for Rs.120 per day.
He had moved to the city to learn about stocks and trading from Mahendrabhai Kampani, about whom he had in an investment magazine and considered his Guru.
4. Political Connection
VG Siddhartha was married to the daughter of Former External Affairs Minister and Karnataka Chief Minister SM Krishna.
5. Largest Coffee Estate
With more than 30,000 employees Siddhartha owns the single largest coffee estate that manages the supply chain of coffee beans in all his outlets. The estate stretches in over 10,000 acres in Chikamagalur, Karnataka.
6. Hospitality Chain Empire
Apart from CCD, Siddhartha had also founded a hospitality chain which runs a seven star resort in Serai and Cicada.
7. CCD Success
Started in 1993 CCD currently has 1752 outlets across India. The company made a revenue of Rs.1,777 crore and Rs.1,814 crore in FY18-19 respectively. Apart from India, CCD has its outlets in Austria (Vienna), Czech Republic, Egypt and Nepal.
8. Sinking in Debt
Reportedly, the company was running in huge loss and Siddhartha had sold the 20.32% stake held by him and two CCD affiliate firms in software firm Mindtree Ltd to Larsen and Toubro Ltd (L&T). The deal helped him repay his debt of about Rs 2,900 crore and vastly improved his financial condition.
9. Infosys and Mindtree
Infosys, back in 1993, was not getting a satisfactory response to its IPO on the popular Dalal Street, and it was VG Siddhartha, along with two others who stepped up to help, and underwrote a considerable amount. The future saw Siddhartha invest in Mindtree and make a massive Rs. 300 crore out of it.
10. Siddhartha and his entrepreneurial skills
Siddhartha’s father who was initially against setting up a business gave his son 7.5 lake as capital in 1985 to set up his new business, assured that his business would not work out.
His father’s words, to be exact, were, “When you lose it, you can come home!” To make sure that his father’s money didn’t go down the drain, Siddhartha invested 5 lakh in a plot, and invested the rest in stocks.
If all didn’t go as planned, the price of the property would definitely go up to Rs 7.5 lakh and this he would use to repay his father’s money. His backup plans definitely show that he had entrepreneurial skills in him.