Third Wave Coffee, a quick-service restaurant (QSR) specializing in coffee and food, has raised $35 million in a Series C funding round led by Creaegis, with participation from existing investors.
Prior to this, Creaegis led the $35 million Series B round, with participation from existing investors Eight Roads Ventures, and F-Prime Capital. The private equity fund recently announced the final closure of its maiden fund at $425 million or Rs 3,529 crore to support homegrown startups.
What is the purpose of fundraising?
According to the company’s statement, the brand plans to allocate the newly acquired funds towards presence expansion, strengthening the supply chain, enhancing capabilities, and technological advancements.
“We are thrilled to have Creaegis lead our Series C fundraise with participation from our existing investor Westbridge Capital and angel investors like Sujeet Kumar,” said Sushant Goel, co-founder and CEO, Third Wave Coffee.
“We believe that the coffee-first QSR industry is one of the fastest-growing consumer categories in the country. We have grown 5x through 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,” added Goel.
Third Wave Coffee previously raised $21 million in a Series B round in May last year from WestBridge Capital and other marquee angel investors.
“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,” said Sandeep Singhal, Managing Partner at WestBridge Capital.
What does Third Wave Coffee do?
Founded in 2017 by Ayush Bathwal, Anirudh Sharma, and Sushant Goel, Third Wave Coffee said that it has rapidly expanded its footprint, operating over 100 stores across major Indian cities as the country’s coffee and food sector flourishes.
The brand claims that it is operating a network of over 100 cafes in cities, including Bangalore, Mumbai, Delhi, and Pune.
The brand recently commemorated its seventh anniversary and is recognized as a specialty coffee and food brand, with Zerodha co-founder Nikhil Kamath among its investors.
Recently, Its competitor Blue Tokai Coffee Roasters raised an undisclosed amount in funding from Ka Enterprises. The brand also competes with Slay Coffee, and Sleepy Owl Coffee, along with traditional chains like Cafe Coffee Day.
However, Third Wave Coffee continues to distinguish itself through its commitment to quality and innovation, aiming to redefine the coffee experience in India.
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