Bengaluru-based coffee QSR chain Third Wave Coffee has raised $35 Mn in a Series C funding round led by private equity firm Creaegis. The funding round also saw participation from existing investors, including WestBridge Capital and Udaan cofounder Sujeet Kumar.
In a statement, the startup said it will use the fresh capital to double down on technology and product innovation to deliver superior cafe experience across the country.
Founded by Ayush Bathwal, Anirudh Sharma and Sushant Goel in 2017, the startup currently operates over 100 stores across the country. It also sells coffee products through its own website and ecommerce marketplaces.
In the statement, Third Wave Coffee said it bagged $21 Mn in a Series B funding round In May 2022 led by WestBridge Capital. However, the startup didn’t announce the funding round then.
Prior to this, it raised $6 Mn in its Series A funding round led by Sujeet Kumar, Arpan Seth, and Ayyappan Rajagopal, among others.
With the latest funding, the startup has bagged a total funding of $62 Mn to date.
According to an ET report, the startup’s valuation post the latest funding round is pegged at $150 Mn.
Third Wave Coffee competes against startups like Blue Tokai and Slay Coffee and deep-pocketed giants such as Starbucks, Tim Hortons, among others.
Earlier this year, Delhi NCR-based Blue Tokai bagged $30 Mn in a Series B funding round led by A91 Partners. Earlier this month, the startup also said it has bagged an undisclosed amount of funding from actor Deepika Padukone.
On the retail side, Third Wave competes against the likes of Rage Coffee, Sleepy Owl, and Country Bean.
Creaegis, which led Third Wave Coffee’s latest funding round, announced the final close of its maiden $425 Mn (INR 3,529 Cr) fund last week to invest in homegrown startups. On Wednesday, SaaS startup Doceree said Creaegis led its $35 Mn Series B round.
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