Third Wave Coffee raises Rs 408 crore in funding round led by WestBridge Capital
The round, comprising a mix of primary and secondary capital, also saw participation from existing investor Creaegis and angel investors, the speciality coffee chain said on Monday. The company did not disclose its valuation or the split between the primary capital and secondary share sales.
Third Wave Coffee has secured Rs 408 crore ($43 million) in funding from WestBridge Capital, marking its latest funding round aimed at expanding its store network amid growing competition in the premium cafe market. WestBridge is leading the capital inflow, which also included participation from Creaegis and angel investors. The company, which currently operates over 240 cafes across India, plans to increase its count to 320 by the end of the current financial year.
They anticipate entering eight new geographies next month. CEO Rajat Luthra emphasized their commitment to sustainable scaling with strong unit economics, healthy store payback economics, and operational discipline. The company has recently expanded into Ahmedabad, Mangaluru, and Agra, among other cities, and is exploring additional markets like Guwahati, Ranchi, Patna, and Bhubaneswar.
As coffee chains vie for consumer attention through higher store density, innovative menus, and additional consumption occasions, Third Wave is actively pursuing growth, following a management and operational reset led by former KFC India and Nepal head Rajat Luthra. The company's valuation remains undisclosed, but the funding round is largely composed of follow-on capital from existing investors, with WestBridge having previously led a $21 million round in 2022 and Creaegis leading a $35 million round in September 2023.
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