MAM
Cafe Coffee Day appoints Malavika Hegde as CEO
NEW DELHI: Coffee Day Enterprises has appointed Malavika Hegde as CEO of the company. She has been the non-executive director of the organisation and will assume the new role starting 7 December.
The company announced the development in a BSE filing.
Hegde is former Karnataka chief minister S M Krishna's daughter and the wife of late V G Siddhartha, the Cafe Coffee Day founder and CEO who died due to drowning in 2019.
Siddhartha, who was dubbed the coffee baron of India, was widely recognised for having brought the coffee shop culture to a largely tea-loving country. However, the success story of Cafe Coffee Day came to an ignominious turning point when the founder plunged to his death in the Nethravathi river in an apparent suicide, raising speculations that the company was in dire financial straits.
Cafe Coffee Day runs hundreds of coffee shops across India that brew cappuccinos and lattes for Indians. It was launched in 1996 and is present in over 200 plus cities. It competes with big players such as Starbucks Corp, Barista, Costa Coffee and others.
Brands
Oyo parent Prism appoints former Sebi chief Ajay Tyagi to Board
Former market regulator joins Prism to strengthen governance for IPO
NEW DELHI: Prism, the parent entity of Oyo, has appointed former Sebi chairman Ajay Tyagi as an independent director, as the hospitality firm gears up for its planned Rs 6,650 crore initial public offering (IPO).
Tyagi, a 1984-batch IAS officer, served as chairman of the Securities and Exchange Board of India (SEBI) from 2017 to 2022. His appointment is aimed at strengthening the company’s governance framework and providing strategic oversight as it moves closer to a public listing.
He joins a high-profile board that already includes several prominent names from global business and policy circles. These include Troy Matthew Alstead, former CFO and group president of Starbucks; Aditya Ghosh, co-founder of Akasa Air; Deepa Malik, paralympic athlete and Padma Shri awardee; William Steve Albrecht, professor of accountancy at Utah State University; and Bejul Somaia, partner at Lightspeed Venture Partners.
Prism founder Ritesh Agarwal, said Tyagi’s experience in capital markets regulation and public-institution stewardship will be critical as the company scales operations and enhances long-term accountability.
The company recently filed preliminary papers with Sebi to raise Rs 6,650 crore through a confidential route. Market sources estimate its valuation will be in the range of $7 billion to $8 billion.
Over the course of his career, Tyagi has held senior roles in the ministry of finance, where he oversaw investment policy and financial-sector reforms. His induction to the Prism board signals a renewed focus on aligning the company’s internal standards with the stringent requirements of public markets as it advances toward its IPO.
