- ByStartupStory | March 19, 2024
Third Wave Coffee, a leading specialty coffee and food brand in India, has announced the appointment of Rajat Luthra as its new Chief Executive Officer (CEO), effective from the first quarter of the fiscal year 2025. This transition marks a significant milestone for the company, as co-founder Sushant Goel steps down from his role as CEO to assume a position on the board.
Rajat Luthra brings with him nearly three decades of extensive experience in the Fast-Moving Consumer Goods (FMCG) and Quick Service Restaurant (QSR) sectors. Prior to joining Third Wave Coffee, Luthra held the position of CEO at Kentucky Fried Chicken (KFC) India & Nepal, a subsidiary of Devyani International Limited, where he played a pivotal role in driving growth and operational excellence.
Expressing his enthusiasm for the new role, Sushant Goel, co-founder and outgoing CEO of Third Wave Coffee, remarked, “As CEO and Co-founder, I have had the privilege of leading the company through its formative years and I am incredibly proud of the journey that we have embarked on. The brand is ready to embark on its next leg of growth. Now, as I transition to the Board, I am excited to continue contributing towards our vision and growth from a different vantage point. Rajat is a veteran in the QSR industry, and I am filled with optimism on what the future holds for Third Wave Coffee under his stewardship.”
Under Sushant Goel’s leadership, along with co-founders Ayush Bathwal and Anirudh Sharma, Third Wave Coffee has achieved remarkable success since its inception in 2016, scaling to over 100 outlets across India. Investors, who injected $35 million into Third Wave in September 2023, have expressed confidence in the company’s readiness for its next phase of growth under Luthra’s leadership.
In a joint statement, investors Westbridge Capital and Creaegis extended their gratitude to Sushant for his instrumental role in shaping the company’s journey thus far. They said, “His vision, dedication, and unwavering commitment as CEO have been pivotal in propelling our company to new heights. As Sushant transitions to his new role on the board, we are confident that his guidance and strategic insights will continue to steer us towards even greater success.”
The statement continued, “We also warmly welcome Rajat Luthra, who has rich experience with QSRs at scale, and are excited about the fresh perspective and leadership he will bring to the table. Together, under Sushant’s continued guidance and Rajat’s leadership, we are poised to embrace new opportunities and drive the company to new heights.”
