The coffee chain Third Wave Coffee announced that it has raised $43 million in a funding round. This round was led by existing investor WestBridge Capital and included a mix of primary and secondary capital, as well as participation from Creagis and other private investors.
The funds raised will be used to expand the company's operations in existing markets, enter new eastern cities, and strengthen its food assortment, including desserts.
Currently, Third Wave Coffee is present in regions such as Delhi-NCR, Hyderabad, Chennai, Mumbai, Pune, Bengaluru, as well as Ahmedabad and Kolkata. The company plans to expand into other eastern cities, including Guwahati, Ranchi, Patna, and Bhubaneswar.
Rajjat Luthra, CEO of Third Wave Coffee, noted that this fundraising will help accelerate expansion across the country and strengthen new categories, emphasizing that desserts are an important part of this process. He added that the company's vision of opening 100 new cafes annually reflects significant opportunities they see ahead.
Third Wave currently has 240 cafes and aims to reach 320 by the end of the fiscal year. Thanks to the latest funding round, the total investment in the company has reached $105 million.
Sandip Singhal, co-founder and managing partner of WestBridge Capital, stated that coffee is becoming an increasingly important consumer category in India, and Third Wave Coffee has managed to secure a strong position through its constant focus on quality and execution.
Third Wave was founded in 2017 by Sushant Goel, Ayush Bathwal, and Anirudh Sharma. In the fiscal year 2024-25, operating revenue amounted to 285 crore rupees, and net loss decreased to 94 crore rupees.