Zerodha Co-founder and CEO Nikhil Kamath-backed specialty coffee brand Third Wave Coffee has laid off more than 100 employees, the media reported on Thursday.
Employees across verticals such as tech, finance, marketing, business development and app have been asked to go, MoneyControl reported citing sources.
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.
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.