Third Wave Coffee raises $35 million in Series C funding round; aims to focus on country-wide expansion

QSR coffee and food brand Third Wave Coffee has raised $35 million in a Series C funding round. The capital will be utilised for country-wide expansion, bolstering the company's supply chain, enhancing capabilities, and investments in technology.

Led by Creaegis, the $35 million Series C funding round also saw participation from existing investors.

"We are thrilled to have Creaegis lead our Series C fundraise with participation from our existing investor Westbridge Capital and angel investors like Sujeet Kumar," Sushant Goel, co-founder and CEO of the company, said.

"We believe that the coffee-first QSR industry is one of the fastest growing consumer categories in the country. 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,” he added.

Third Wave Coffee was founded by Ayush Bathwal, Anirudh Sharma and Sushant Goel in 2017. The company has now expanded to over 100 stores. In May 2022, WestBridge Capital led a $21 million Series B investment in the company along with participation from marque angel investors.

“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,” Prakash Parthasarathy, Managing Partner & CEO and Nitish Bandi, Partner, Creaegis, said.

WestBridge Capital Managing Partner Sandeep Singhal said that Third Wave Coffee has generated tremendous traction and customer love 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," he said.

Third Wave Coffee is present in several major Indian cities, including Bangalore, Mumbai, Delhi, Gurgaon, Pune, Hyderabad, Noida, Coonoor and Chandigarh. The brand has a network of over 100 cafes and recently celebrated its seventh anniversary.

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