Speciality coffee brand Third Wave Coffee, backed by Unacademy's Co-founder and CEO Gaurav Munjal, has reportedly laid off over 100 employees.
According to sources cited by MoneyControl, employees spanning various sectors including technology, finance, marketing, business development, and app-related roles have been affected.
In response to this development, the startup has pledged to provide impacted employees with two months' salary should they opt for an immediate departure, as per the report.
This news comes shortly after the Bengaluru-based startup successfully secured $35 million in its Series C funding, signalling promising growth prospects.
Addressing the restructuring, a spokesperson for Third Wave Coffee conveyed that the decision stems from a strategic review aimed at consolidating teams, impacting less than 10% of the organisation. Highlighting the company's positive stance post the recent financial injection, the spokesperson affirmed their commitment to further expansion and the ongoing mission to establish Third Wave Coffee as India's foremost coffee brand.
“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 said.
Established by Ayush Bathwal, Anirudh Sharma, and Sushant Goel, Third Wave Coffee has a network of 35 cafes and outlets spanning Bengaluru, Pune, Mumbai, and Delhi. Additionally, the brand retails its coffee products online through its website and various e-commerce platforms.
The concept of the 'third wave of coffee' denotes the emergence of cafes and coffee ventures post-2000. This label draws inspiration from the three waves of feminism.
The initial two waves witnessed coffee consumption predominantly within households. The first wave featured vacuum-sealed, mass-produced cans from consumer brands, while the second wave saw the emergence of chic coffee shops like Starbucks, offering freshly roasted coffee for purchase. The third wave signifies a distinct emphasis on the inherent quality of the product itself.