Bengaluru-based espresso chain Third Wave Espresso has raised Rs 408 crore (43 million) in a funding spherical led by present investor WestBridge Capital, with a lot of the capital coming by means of a major issuance. The spherical additionally noticed participation from present investor Creaegis and different angel buyers.
The brand new funding will assist growth in present markets, improve presence in high-potential cities and speed up its Third Rush Desserts section, the corporate mentioned in a press launch.
In keeping with a Mint report, the most recent spherical values Third Wave Espresso at round Rs 2,000 crore ($210 million), in comparison with Rs 1,200 crore (150 million) in the course of the previous funding spherical.
The corporate plans to enter 9 new cities within the coming months, together with Ludhiana, Jalandhar, Amritsar and Lucknow. It additionally plans to deepen its presence in tier II and tier III cities.
Third Wave Espresso, based in 2017 by Sushant Goel, Ayush Bathwal and Anirudh Sharma, operates cafes and sells merchandise corresponding to espresso beans and chilly brew luggage. The corporate is current throughout Bengaluru, Delhi, Pune, Mumbai and Hyderabad, amongst different cities.
WestBridge has been an investor in Third Wave Espresso since its Sequence A spherical. It led the corporate’s $21 million Sequence B spherical in 2022, whereas Creaegis led its $35 million Sequence C spherical in 2023.
The newest spherical takes Third Wave Espresso’s complete funding to greater than $105 million.
Quickly after the 2023 fundraise, Third Wave Espresso laid off round 100 workers. Across the identical interval, co-founder after which CEO Sushant Goel stepped down from the CEO function and moved to the corporate’s board. Rajat Luthra, former CEO of KFC India and Nepal, was appointed as his substitute.
In FY25, Third Wave Espresso’s working income stood at Rs 285 crore, whereas its web loss narrowed to Rs 94 crore. The corporate has but to file its FY26 financials.
