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Third Wave Coffee fires more than 100 employees

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Third Wave Coffee
  1. Third Wave Coffee, a Bengaluru-based coffee chain, reportedly terminated over 100 employees across departments like tech, finance, marketing, business development, and app.
  2. This comes despite the company’s recent success in raising $35 million in a Series C funding round.
  3. The layoffs follow a trend in the industry; previously, other firms like Bizongo and Euler Motors have also laid off employees after securing new funding rounds.
  4. Third Wave Coffee, operational for six years, has cafes across multiple Indian cities and claims about 109 stores, with approximately 50% operational in Bengaluru.
  5. Despite aiming to expand by adding 50-60 new outlets in smaller cities after raising over $60 million in funding, the company decided to let go of employees.
SourceEntrackr

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