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Title: How Malavika Hegde Saved Cafe Coffee Day from Rs 7,000 Crore Debt After Husband’s Death
In 2019, Cafe Coffee Day (CCD), a popular Indian coffee chain, faced a crisis after the suicide of its founder, VG Siddhartha. Many feared that the company would collapse. However, Siddhartha’s wife, Malavika Hegde, stepped up and saved the company.
CCD was on the verge of collapse, drowning in debt, when Siddhartha passed away. He had built CCD into a national institution, and his death dealt a major blow to the company. But Malavika Hegde, without any prior professional experience in the coffee industry, was determined to keep CCD afloat.
CCD was more than just a coffee shop – it was a place where people could connect and relax. Hegde, the daughter of former Chief Minister of Karnataka SM Krishna, had followed her husband’s career path since their marriage in 1991. Despite her grief, she was determined to fulfill Siddhartha’s entrepreneurial dream and continue his legacy.
Hegde became the CEO of CCD in 2020, implementing changes as soon as she took over. She disposed of non-essential assets, renegotiated the debt, and closed failing businesses. She also focused on enhancing the customer experience. Her efforts paid off, rehabilitating CCD in a matter of years. The company’s revenues increased, the Rs 7,000 crore debt was reduced, and CCD was back on track.
Despite the fears that CCD would go out of business after Siddhartha’s death, Hegde saved the company. As the new CEO, she led CCD through a period of restructuring and growth.