120 workers are let off by Third Wave Coffee following a $35 million financing increase. Moneycontrol, a business news website, reports that Third Wave Coffee, a gourmet coffee and food brand supported by Nikhil Kamath, the co-founder of Zerodha, has laid off 120 staff as part of a reorganization effort.
The Bengaluru-based company fired workers in a number of areas, including IT, finance, marketing, business development, and app development, citing a “strategic review” and the need to combine teams for efficiency.
According to the company, the impacted workers will receive two months’ income if they decide to go right away, or they can choose to stay on until the middle of February 2024.
The business raised $35 million (about Rs 270 crore) in its most recent fundraising round months ago. Gaurav Munjal and Roman Saini of Unacademy supported the move to cut about 10% of the company’s whole personnel.
Workers said that the staff decrease was announced in person and that they were not notified in writing.
According to an employee cited by Moneycontrol, “the founder and the head of HR have come to each of us, speaking for 10–15 minutes and informing people that their roles are no longer needed in the restructured organization.”
The workers claim that today, December 15, may see another round of layoffs.
Meanwhile, the business declared, “We are in a solid position as an organization following the recent money raising. We’re going to keep growing and making TWC the most adored coffee brand in India.”
