Born in Karnataka’s Chikkamagaluru to a coffee plantation owner, VG Siddhartha started his career as a management trainee in the Indian stock market at JM Financial post his master’s degree from Mangalore University.
In 1984, he bought Sivan Securities and turned it into a successful investment banking and stockbroking company. In 2000, he renamed it Way2Wealth Securities.
Almost a decade later, in 1992, Siddhartha started his coffee business Amalgamated Bean Company Trading, now known as Coffee Day Global. It was an integrated coffee business that procured, processed, and roasted coffee beans, along with retailing coffee products.
After attaining success in his coffee business, Siddhartha launched India’s very first coffee café in Bengaluru in 1996 – Café Coffee Day. The franchise now has outlets all over the country and internationally in Vienna, Czech Republic, Malaysia, Nepal and Egypt.
Siddhartha went on to become a successful businessman, passionate about creating jobs for the youth of India, especially those who did not have engineering degrees or MBAs.
His troubles started in 2017 when the Income Tax department conducted several raids at more than 20 locations linked to Siddhartha.
The Coffee Baron of India went missing on Monday, July 29, and his body was found early Wednesday morning, July 31.
Before getting off from his car, Siddhartha, the founder of India’s largest coffee chain, left a note for his Board of Directors telling them that he has “failed to create the right profitable business model despite my best efforts”. He further went on to add, “I would like to say I gave it my all. I am very sorry to let down all the people that put their trust in me. I fought for a long time but today I gave up as I could not take any more pressure from one of the private equity partners forcing me to buy back shares.”