V. G. Siddhartha
Veerappa Gangaiah Siddhartha Hegde | |
|---|---|
| Born | 1959 Chikkamagaluru district, Karnataka, India |
| Died | 2019-07-29 |
| Occupation | Entrepreneur |
| Known for | Founder, chairman and managing director of Café Coffee Day |
| Notable work | Café Coffee Day |
Veerappa Gangaiah Siddhartha Hegde (1959 – 29 July 2019) was a prominent entrepreneur from Karnataka, recognized as the founder, chairman, and managing director of the café network Café Coffee Day. He held directorships at several companies including Mindtree, GTV, Liqwid Krystal, Way2wealth Brokers, Coffee Day Natural Resources, and Way2wealth Securities.
After going missing on 29 July 2019, his remains were recovered near the mouth of the Netravati River at Hoige Bazaar beach on 31 July.
Early life
Siddhartha was born to Gangaiah Hegde in Karnataka's Malenadu area within Chikkamagaluru district. He belonged to a wealthy coffee-growing family from the Vokkaliga community. He completed a master's degree in economics from St. Aloysius College and Mangalore University.
Career
At the age of 24, Siddhartha embarked on his professional journey with J M Financial Limited in Mumbai as a management trainee specializing in portfolio management and securities trading. After two years, he returned to Bangalore and, backed by his father's investment, launched Sivan Securities with an initial capital of ₹30,000 in stocks. This firm was rebranded as Way2wealth Securities Ltd in 1999, with its venture capital division evolving into Global Technology Ventures (GTV).
In 1993, he founded a coffee trading enterprise in Karnataka generating ₹6 crore in revenue. He purchased a struggling coffee curing facility in Hassan for ₹4 crore and expanded its capacity to become India's largest curing unit with 75,000 tonnes. In 1996, Siddhartha introduced Karnataka’s first café culture by establishing Café Coffee Day, focusing on youth-centric social spaces. By 2018, the brand operated more than 1,700 outlets across India, drawing between 40,000 and 50,000 visitors weekly.
Siddhartha served on the boards of GTV, Mindtree, Liqwid Krystal, Way2Wealth, and Ittiam. In 2000, he launched Global Technology Ventures Ltd to invest in and support Indian tech startups. GTV developed Bangalore’s 59-acre Global Village Tech Park as an incubator providing office infrastructure and commercial amenities. In 1999, Bank of America valued GTV at $100 million.
His agricultural ventures included planting banana crops over 3,000 acres aimed at export markets.
The Dark Forest Furniture Company takes its name from Siddhartha’s Kathale Kaad estate located in Chikmagalur.
In 2011, the Coffee Day group acquired Sical Logistics Ltd, a well-established Indian logistics company founded in 1955.
On 21 September 2017, the Income Tax Department carried out raids at more than twenty of Siddhartha’s premises across Mumbai, Bengaluru, Chennai, and Chikmagalur.
Personal life
Siddhartha was married to Malavika Krishna and had two sons: Amartya Hegde and Ishaan Hegde. His son Amartya wed Aishwarya Shivakumar—daughter of D. K. Shivakumar—on 14 February 2021. Siddhartha was also connected by marriage to S. M. Krishna, former Karnataka Chief Minister, External Affairs Minister, and Maharashtra Governor.
Death
On 29 July 2019, Siddhartha asked his driver to halt near the Nethravati River bridge at Ullal in Mangalore before disappearing. When he did not return within an hour, authorities initiated a search operation involving the Indian Coast Guard and National Disaster Response Force. A letter allegedly written by Siddhartha addressed to his company’s board members, shareholders, and family emerged expressing anguish over sustained pressure and harassment from tax officials.
His body was discovered on 31 July by local fishermen at Hoige Bazaar beach and was cremated that same day at the family-owned Chethanahalli coffee estate in Chikkamagalur district. Police investigations concluded that his death was a suicide by drowning.
Awards
- Entrepreneur of the Year awarded in 2002–03 by The Economic Times
- Recognized as a NextGen Entrepreneur by Forbes India in 2011