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Third Wave Coffee, a QSR coffee and food brand, has raised $ 35 million in a Series C funding round led by investment firm Creaegis. The round also saw participation from existing investors, including WestBridge Capital.
The company will utilise the capital for country-wide expansion, its supply chain, enhancing capabilities, and investments in technology, it said in a release.
“We believe that the coffee-first QSR industry is one of the fastest-growing consumer categories in the country. Going forward, we will continue to double down on technology and product innovation to deliver a superior cafe experience across the country,” Sushant Goel, co-founder and CEO, said.
Founded by Ayush Bathwal, Anirudh Sharma, and Sushant Goel in 2017, the company has expanded to more than 100 stores. 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, “The brand 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.”
Third Wave Coffee is present in several major cities, including Bangalore, Mumbai, Delhi, Gurgaon, Pune, Hyderabad, Noida, Coonoor, and Chandigarh.
Sandeep Singhal, Managing Partner, WestBridge Capital, said, “ We are excited to strengthen our partnership with the company and work towards scaling both the footprint and customer experience manifold.”
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