VG Siddharth is an Indian businessman from Karnataka. He is the founder and owner of the popular food and beverage chain Cafe Coffee Day.
Wiki/Biography
VG Siddharth was born in Chikmagalur, Karnataka, in 1959 (he died at the age of 60). He studied in a local school in Chikmagalur. He did his undergraduate degree from St. Aloysius College, Mangalore. He pursued his Masters in Economics from Mangalore University. He wanted to join the Indian Army when he was in college and he also joined the NCC when he was in college.
VG Siddhartha after graduating from university
After completing his studies, he returned to his hometown. His father wanted him to join the family business, but Siddhartha wanted to do something on his own and make a name for himself. In 1985, he went to Mumbai to try his luck. He lived in a place called the Bastion, in a single room with a shared bathroom. He then went to JM Financial, a financial guarantee company, and asked for an interview. Even though he didn’t have an appointment, the receptionist, who was from Karnataka, asked him to wait. He was interviewed by Mahendra Kampani, Vice Chairman of the company. The interview went well and he was selected.
VG Siddharth and Mahendra Kampani
Siddharth was very fond of Mahendra and called him Mahendrabai. He learned everything from him and considered him his idol. Siddharth used to invest his money in stocks and other financial securities, but Mahendra advised him not to invest all his money in one place. This led Siddhartha to invest his money in coffee estates, and by the end of his career at JM Financials, he had 3,000 acres of coffee plantations to his name. He quit JM Financials in 1985 after two years.
VG·Siddhartha when he was young
He returned home and borrowed money from his father to start a financial securities company. His father lent him a lac rupee of 7.50 Indian rupees and said –
When you lose it, you can go home”
It was at this moment that Siddhartha decided that he could not lose the money. He purchased land worth INR 5 and used the remaining money to start his own company, Sivan Securities. He later changed the name of the company to “Way2Wealth Securities.” While engaged in the financial securities business, he also ran his own coffee plantation.
appearance
Height (approximately): 6′2″
Weight (approximately): 70kg
Eye color: black
Hair color: black
Family, wife and caste
VG Siddharth belongs to the Vokhariga caste (traditionally considered to be landowners and village chiefs). His father Gangaiah Hegde is the owner of many coffee estates. His mother Vaasanthi G Hegde is a housewife. His family is in the coffee export business. Siddharth married Malavika Krishna in 1991. Malavika is the daughter of former Karnataka chief minister SM Krishna. They have two sons, Eshaan and Amartya.
VG Siddhartha with his father (far left) and mother (left)
VG Siddhartha and his wife Malavika
VG Siddharth’s sons Eshaan (extreme left) and Amartya (extreme right)
Profession
In the early 1990s, Siddhartha managed both his company and his coffee estate. In 1994, he purchased a coffee curing unit that was being dyed and was successful. He founded a company, Amalgamated Bean Company (ABC), and began selling the brand’s ground coffee locally. In 1995, he met the boss of German coffee company Tchibo, Europe’s second-largest company. Siddharth thought Chibo must have run for a century to achieve such success. Siddhartha was inspired and motivated when his boss told him the story of how his company had become the second largest in just five years. He opened 10 retail stores in Bangalore selling ABC coffee powder. He also began exporting ground coffee to other countries, mainly Brazil. By the end of 1995, his company had become India’s largest coffee exporter.
In 1996, Siddhartha came up with the idea of opening a cafe. He pitched the idea to his wife and business partners. They rejected the idea as soon as they heard it. Because he wanted to sell coffee at a price of INR 25 per cup when the price of coffee at that time was INR 5 per cup. Internet is new to Indians and everyone wants to be online. Internet cafes used to charge as much as INR 100 for an hour of Internet access. Siddharth then came up with an idea that they would open a cafe where you could have coffee while surfing the internet, and this justified the price of INR 25. He proposed the idea to his partners and said: “Let’s start an experiment.” In 1996, he opened the first Cafe Coffee Day outlet on Brigade Road, Bangalore.
VG Siddhartha outside CCD Cafe
Cafe Coffee Day (CCD) became an instant hit, with young people interested in the idea of being able to surf the internet and hang out while drinking coffee. By the end of 2000, CCD had 22 cafes in southern India. In 2001, Siddharth noticed that in cities like Mumbai and Delhi, people were following his idea and opening cafes like CCD. It was then that he decided to set up shop in North India as well. In the following years, Siddharth began to expand CCD. By the end of 2007, CCD had more than 200 outlets across India. In 2005, CCD opened its first international store in Vienna. It has since spread to more than 7 countries. As of July 2019, CCD has approximately 1,850 outlets worldwide.
VG Siddhartha CCD
dispute
On September 21, 2017, 20 of his offices in Karnataka and Goa were raided by the Income Tax Department. They alleged that Siddharth was involved in tax evasion.
sign
VG Siddhartha’s signature
Disappearance and death
On July 29, 2019, Siddharth left his Bangalore office and traveled to Sakhlespur by road with his driver. On the way to Sahileshpur, he suddenly asked the driver to go to Mangaluru. On the way to Mangguluru, his car approached a bridge and he asked the driver to stop. He got out of the car and asked the driver to wait at the bridge first, and he would walk there in a while. His driver did as instructed but after an hour, Siddharth did not return and he got worried and called him. Siddhartha’s phone was switched off, so he drove back to look for him. The driver called Siddhath’s son and informed him, who then went to the nearest police station and lodged an FIR.
NDRF search operation for VG Siddharth
Police began a search operation on July 30, 2019. They searched the area near the bridge and the Netravati River; a fisherman reported that he saw someone jumping into the river. At 7:43 am on July 31, 2019, search and rescue personnel found a body in the Neravati River. Sandeep Patil, Superintendent of Police, Mangaluru, said: “We have found a body similar to that of VG Siddhartha and are currently sending it to Wenlock Hospital, Mangaluru (Wenlock Hospital) for identification by his family.”
VG Siddharth’s body recovered from Netravati river
His family rushed to the hospital and identified his body. His body was sent for post-mortem and after completing all formalities, his family took his body to Chikmachalur. On July 31, 2019, his body was kept at the Chikmagalur office for anyone who wishes to pay their respects to VG Siddhartha. Karnataka Chief Minister BS Yeddyurappa was also present to pay his last respects to Siddharth.
Karnataka CM BS Yeddyurappa attends YG Siddharth’s last rites
His body was cremated at 4:30 pm on July 31, 2019, in Belur taluk, Karnataka. His family decided to hold his funeral there because he decided to become an entrepreneur and his funeral was held at his father’s coffee estate, Belur Taluk.
VG Siddharth’s body was sent to Chikmagalur
The final autopsy report confirmed that he died of drowning.
net worth
As of 2018, VG Siddharth’s net worth is $1.2 billion.
Facts/Trivia
- In addition to Cafe Coffee Day, Siddhartha also has many other businesses.
- On July 31, 2019, all CCD stores in India were closed in his memory. CCD also paid tribute to him on Twitter.
Today we remember the legend that inspired us all. Thanks to Chairman VG Siddhartha for his vision, leadership and great legacy. pic.twitter.com/tYMiglgofe
— Cafe Coffee Day (@CafeCoffeeDay) July 31, 2019
- After his death, the CCD management appointed SV Ranganath as interim chairman and Nitin Bagmane as interim chief operating officer (CEO).
VG Siddharth and SV Ranganath
- Nearly a month after Siddharth’s death, his father Gangaiya Hegde passed away on August 25, 2019, in a coma. He was hospitalized for a long time and was in a coma for more than a month. His father didn’t even know about his son’s death.
VG Siddharth and his father Gangaiah Hegde
- In June 2022, production companies T-Series and Almighty Motion Picture announced a biopic on VG Siddharth. The biopic is based on the book “Coffee King: The Rapid Rise and Sudden Death of Coffee Day Founder VG Siddhartha” by investigative journalists Rukmini BR and Prosenjit Datta.
Categories: Biography
Source: HIS Education