The CEO Who Made Us Believe In Miracles
It was a doomsday for everyone at Cafe Coffee Day when VG Siddhartha, the founder of CCD, was found dead by suicide in 2019. The company was under a debt of ₹7200 crores. Many thought that debt-ridden CCD was a sinking ship and that it would not be able to recover. Except for Malavika Hegde, wife of late VG Siddhartha, who was appointed as the CEO in 2020. She emerged as a hero. She resurrected the company, in less than two years! She took the reins with a powerful message to the 25,000 employees and stakeholders. Hegde assured them that CCD was a dream worth preserving. “I am committed to the company’s future,” she wrote in a public letter. By March 2020, she had managed to bring down the debt to ₹3,100 crores. In March 2021, the figure plummeted to ₹1,731 crores—a significant reduction of 75%. She salvaged CCD at a time when a lot of stable brands went kaput during the pandemic. She is now dedicated to upholding the proud legacy of her husband and a dream that she saw with him. Her vision is to turn CCD into a billion-dollar company, at par with the other market players in the industry.
Power Move
In 2020-2021, Hegde faced an inundating challenge—she had to deal with a debt of Rs 7200 crores. It required unconditional strength and business acumen. She was quick to display both while taking a slew of measures to rectify the situation. This involved taking some tough actions including shutting outlets that weren’t working. Hegde also registered a grand success in the export of high-quality Arabica coffee beans. She sold some stakes to Blackstone and Mindtree to reduce the deficit. Most importantly, she managed to pump capital in a debt-ridden company and attract new investors. She, simultaneously, ensured that the CCD cafes were functioning efficiently. With dedicated efforts, Hegde managed to bring the debt down from ₹7200 crores to ₹1,731 crores in just two years. In the past two years, Hegde has shown us what true strength and perseverance look like. This is no ordinary feat and Hegde is no ordinary woman.
The POPxo Power Women List is an annual list that celebrates incredible Indian women from diverse domains who make power moves that have a real impact. With The POPxo Power Women List 2022, we celebrate 22 phenomenal women. To see the entire list, click here.
