Nikhil Kamath backed Third Wave Coffee begins lay off, Rs 1251 crore startup firing…

India’s youngest billionaire Nikhil Kamath has a net worth of more than Rs 9164 crore. Nikhil Kamath is known as the co-founder and CEO of trading platform Zerodha but he is invested in a range of other startups as well. Now one of the popular coffee brands backed by him is laying scores of employees. As per a report by Moneycontrol, Kamath-backed Third Wave Coffee has laid off more than 100 employees across verticals such as tech, finance, marketing, business development and app have been asked to go.

Also backed by Gaurav Munjal, Co-founder and CEO of Unacademy, the startup will pay the impacted employees two months’ salary in case they wish to leave immediately, the report mentioned.

The Bengaluru-based startup had recently raised $35 million in its Series C funding. The startup is now reportedly valued around Rs 1251 crore.

In a statement, a Third Wave Coffee spokesperson said that after a strategic review, the startup “has decided on a one-time restructuring exercise to consolidate our teams, impacting less than 10 per cent of the organisation”. “As an organisation, we are in a strong position post the recent fund raise. We will continue to scale and build TWC as India’s most-loved coffee brand,” the spokesperson added. (with inputs from IANS)