CCD’s missing founder VG Siddhartha’s shocking letter reveals business failure, withholding info

Cafe Coffee Day, one of the leading cafe chains in India, on Tuesday sought to allay concerns over business continuity after founder and MD VG Siddhartha went missing, even as a letter written by Siddhartha surfaced, admitting withholding information and wrong business decisions. “I have failed to create the right profitable business model despite my best efforts,” VG Siddhartha said in the letter dated 27 July 2019, released by news agency ANI. Financial Express Online has not independently verified the authenticity of the letter.

In a shocking revelation, CCD founder VG Siddhartha admitted to turbulence in business, talking about the enormous pressure that he faced from lenders that made him “succumb to the situation”. According to the letter, one of the private equity partners of the company forced VG Siddhartha to buy back shares, which, he said, he partially completed six months ago after taking a large loan from a friend.