Third Wave Coffee raises $43 mn in funding round led by WestBridge Capital

Third Wave Coffee said it raised $43 million in a funding round led by existing investor WestBridge Capital, comprising a mix of primary and secondary capital, Creagis and other angel investors.

 

The new funding will help the domestic coffee outlet chain grow in existing markets, build greater density in high-potential cities and strengthen its ability to serve a wider range of foods.

 

It is already present in Delhi NCR, Hyderabad, Chennai, Mumbai, Pune and Bengaluru, besides in Ahmedabad and Kolkata. It is now looking to expand into other eastern cities such as Guwahati, Ranchi, Patna and Bhubaneswar.

 

“This fundraise will help us accelerate our expansion across the country while strengthening new categories, with desserts being an important part of the journey. Our vision to add 100 new cafes every year reflects the significant opportunity we see ahead,” Rajat Luthra, chief executive officer (CEO) of Third Wave Coffee, said.

 

Third Wave now has 240 cafés and aims to reach 320 by the FY27-end. The latest funding round takes the company’s total funding to $105 million.  

 

Sandeep Singhal, cofounder and managing partner of WestBridge Capital, said: "Coffee is becoming an increasingly important consumer category in India, and Third Wave Coffee has built a strong position through its relentless focus on quality and execution.”

 

Third Wave was started in 2017 by Sushant Goel, Ayush Bathwal and Anirudh Sharma. In 2024-25, its operating revenue was Rs 285 crore while net loss narrowed to ₹94 crore.