Third Wave Coffee raises Rs 408 Cr in funding round led by WestBridge Capital
The coffee retail chain will use the funding on geographic expansion, deepening presence in existing markets, and scaling new growth categories.
Third Wave Coffee, a homegrown coffee and QSR food brand, has raised Rs 408 crore in a funding round led by existing investor WestBridge Capital, comprising a mix of primary and secondary capital.
The round also saw participation from Creagis and other angel investors.
Third Wave Coffee plans to use the funding on geographic expansion, deepening presence in existing markets, and building greater density in high-potential cities. It will also use the funding to scale its new dessert segment 'Third Rush Desserts' launched earlier this year and serve a wider range of consumer occasions.
According to a statement, over the past year, Third Wave Coffee has accelerated its national footprint, entering Ahmedabad, Mangaluru, and Agra, while strengthening its presence across Delhi, NCR, Hyderabad, Chennai, Mumbai, and Pune.
In June this year, the company entered eastern India with three cafés in Kolkata, marking a significant step in its geographic expansion. Third Wave Coffee said it is evaluating opportunities in other eastern markets, including Guwahati, Ranchi, Patna and Bhubaneswar.
Third Wave Coffee CEO Rajat Luthra said, “Third Wave Coffee has reached an important point in its journey. We currently operate more than 240 cafés across India and are aiming to reach 320 cafes by fiscal end. By next month, we will be entering eight new geographies.”
He also said Third Wave Coffee aims to add 100 new cafes every year.
On the fund infusion, Sandeep Singhal, Co-founder & Managing Partner, WestBridge Capital, said, “Coffee is becoming an increasingly important consumer category in India, and Third Wave Coffee has built a strong position through its relentless focus on quality and execution.”
Third Wave Coffee said its focus remains on scaling the business sustainably, with strong unit economics, healthy store payback economics, operational discipline, and a consistent customer experience.
The coffee retail chain also said it is expanding beyond its core coffee proposition through Third Rush Desserts, all-day menus, seasonal and festive limited-time offerings, breakfast and savoury formats, and new occasion-led consumption propositions.
Edited by Swetha Kannan