Third Wave Coffee raises $35 mn in series C funding round led by Creaegis

Third Wave Coffee, a quick service restaurant (QSR) coffee and food brand, announced that it has raised $35 million in a Series C funding round led by Creaegis with participation from existing investors. The company will utilise the capital for country-wide expansion, strengthening its supply chain, enhancing capabilities, and investments in technology.

Sushant Goel, co-founder and CEO, said, "We believe that the coffee-first QSR industry is one of the fastest-growing consumer categories in the country. We have grown 5x over 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."

Founded by Ayush Bathwal, Anirudh Sharma, and Sushant Goel in 2017, the company has expanded to over 100 stores as India's coffee and food industry grows rapidly. In May 2022, WestBridge Capital led a $21 million Series B investment in the company, along with participation from marquee angel investors.

Prakash Parthasarathy, managing partner and CEO, and Nitish Bandi, partner, Creaegis, said, “Third Wave Coffee is emerging as one of India's most loved brands, answering 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.”

Sandeep Singhal, managing partner, WestBridge Capital said, "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 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.