The founder of the Cafe Coffee Day chain that beat Starbucks at its own game in India was last seen Monday night walking across a bridge in the southern state of Karnataka.
Coffee Day Enterprises Ltd., a company Siddhartha founded, on Tuesday released a letter purportedly written by him to the board about “succumbing to the situation” because of pressure from lenders, one of the private equity partners, and harassment by tax officials. Coffee Day’s external media representatives on Wednesday said they couldn’t immediately comment.
“I gave it my all but today I gave up as I could not take any more pressure,” according to the letter dated July 27. The harassment by tax officials and pressure from lenders led to a “serious liquidity crunch.” Coffee Day went public in 2015, nearly two decades after opening its first cafe in Bengaluru, selling shares at 328 rupees apiece. A unit of private equity firm KKR & Co. owns 6.07% of the company, while Nandan Nilekani, co-founder of Infosys Ltd., has a 2.69% stake.
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