After Siddhartha’s death, many people feared that CCD would go out of business. However, the company was saved by Malvika Hegde.
New Delhi: It was the year 2019. India’s 23-year-old coffee chain, Cafe Coffee Day (CCD), was in dire straits. The business was drowning in debt, and VG Siddhartha, the founder, died by suicide. In the midst of this chaos, Malavika Hegde stepped up to save the company. She was Siddhartha’s wife and had no prior professional experience in the coffee industry, but was determined to keep CCD afloat, and the rest, as we say, is history.
CCD and Malavika Hegde: A Match Made In Heaven
Cafe Coffee Day (CCD), a popular Indian coffee chain, was on the verge of collapse after its owner, VG Siddhartha, died by suicide in 2019. Siddhartha had built CCD into a national institution, and his death was a major blow to the company.
CCD was more than just a coffee shop. It was a place where people could meet, relax, and connect. From first dates to business meetings, CCD was a one-stop destination for people from all walks of life.
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Malavika Hegde, the daughter of former chief minister of Karnataka SM Krishna, has followed her husband VG Siddhartha’s career path since their marriage in 1991. She was grieved by her husband’s untimely death but was determined to carry on his legacy and fulfill his entrepreneurial dream of building a successful company in CCD, and to no one’s surprise, she was successful. She stepped into the role of CEO of CCD in 2020, months after her husband’s death.
How Malavika Hegde Rehabilitated CCD
As soon as Hegde became the new CEO of CCD, she started implementing changes. She disposed off non-essential assets, renegotiated the debt, and closed failing businesses. She also concentrated on enhancing the clientele’s experience. Hegde’s efforts were fruitful, and she rehabilitated CCD in a matter of years. The business’s revenues increased, its Rs 7,000 crore-debt was lowered, and in a few years, the company was up and running.
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After Siddhartha’s death, many people feared that CCD would go out of business. However, the company was saved. Hegde took over as CEO of CCD and led the company through a period of restructuring and growth.
