Brewing capital: Third Wave Coffee raises Series C funding with participation from existing investors

• In May 2022, WestBridge Capital led a $21 million Series B investment in the company, with support from angel investors.
  
• The coffee company says that the funds will be channelled towards growth, fortifying its supply chain and improving its operational capacities.
  
• The brand operates in many big Indian cities, such as Bangalore, Mumbai, Delhi, Gurgaon, Pune, Hyderabad, Noida, Coonoor, and Chandigarh.
  

Third Wave Coffee, a quick-service restaurant (QSR) coffee and food brand, has secured $35 million in a Series C funding round, led by private equity fund Creaegis, along with contributions from its current backers.

The company says that the funds will be channelled towards nationwide growth, strengthening its supply chain, improving its operational capacities, and making strategic technology investments.

Says Sushant Goel, Co-founder, and CEO, "We have grown 5x through the last year and strategically expanded our footprint across the nation. Going forward, we will continue to double down on technology and product innovation to deliver a superior cafe experience across the country.”

Says Prakash Parthasarathy, managing partner and CEO, and Nitish Bandi, Partner, Creaegis, “Third Wave Coffee is emerging as one of India’s most loved brands, answering to the country’s aspirations. We are excited to support the management team in their next phase of growth, using a digital first approach to build an iconic Indian company.”

Founded by Ayush Bathwal, Anirudh Sharma, and Sushant Goel back in 2017, this company has grown to over 100 stores as India's coffee and food industry has taken off after the pandemic.

In December 2021, the company secured $6 million in a Series A funding round. In May 2022, WestBridge Capital led a $21 million Series B investment in the company, with support from well-known angel investors.

Says Sandeep Singhal, managing partner, WestBridge Capital, "We have been quite impressed with the tremendous traction and customer love that Third Wave Coffee has generated across major cities in India. We are excited to strengthen our partnership with the company and work towards scaling both the footprint and customer experience manifold."

Third Wave Coffee operates in many big Indian cities, such as Bangalore, Mumbai, Delhi, Gurgaon, Pune, Hyderabad, Noida, Coonoor, and Chandigarh. They have more than 100 cafes and recently marked their seventh anniversary.

The coffee market in India has exploded in the recent few years. Third Wave Coffee faces competition from well-known chains like Starbucks, Costa Coffee and niche coffee brands such as Blue Tokai, Sabko Coffee, Rage Coffee, Slay Coffee, Sleepy Owl, Seven Beans Co., and others in the market.


The name "Third Wave Coffee" draws inspiration from the "Third Wave Movement," which started in the United States in the 1990s. This movement revolutionised coffee brewing by emphasising the use of top-notch, single-origin coffee beans.