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Third Wave Coffee raises Rs. 408 cr.


Bengaluru-based coffee chain Third Wave Coffee has raised Rs 408 crore (43 million) in a funding round led by existing investor WestBridge Capital, with most of the capital coming through a primary issuance. The round also saw participation from existing investor Creaegis and other angel investors. 

The new funding will support expansion in existing markets, increase presence in high-potential cities and accelerate its Third Rush Desserts segment, the company said in a press release.

According to a Mint report, the latest round values Third Wave Coffee at around Rs 2,000 crore ($210 million), compared to Rs 1,200 crore (150 million) during the previous funding round.

The company plans to enter nine new cities in the coming months, including Ludhiana, Jalandhar, Amritsar and Lucknow. It also plans to deepen its presence in tier II and tier III cities.

Third Wave Coffee, founded in 2017 by Sushant Goel, Ayush Bathwal and Anirudh Sharma, operates cafes and sells products such as coffee beans and cold brew bags. The company is present across Bengaluru, Delhi, Pune, Mumbai and Hyderabad, among other cities.

WestBridge has been an investor in Third Wave Coffee since its Series A round. It led the company’s $21 million Series B round in 2022, while Creaegis led its $35 million Series C round in 2023.

The latest round takes Third Wave Coffee’s total funding to more than $105 million.

Soon after the 2023 fundraise, Third Wave Coffee laid off around 100 employees. Around the same period, co-founder and then CEO Sushant Goel stepped down from the CEO role and moved to the company’s board. Rajat Luthra, former CEO of KFC India and Nepal, was appointed as his replacement.

In FY25, Third Wave Coffee’s operating revenue stood at Rs 285 crore, while its net loss narrowed to Rs 94 crore. The company has yet to file its FY26 financials.

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