Third Wave Coffee has announced Rajat Luthra as its new CEO, with existing CEO Sushant Goel transitioning to board member in early FY25.
Goel is one of the co-founders of the brand, which faces competition in India from companies like Starbucks and Barista. Ayush Bathwal and Anirudh Sharma are the other co-founders. Having spent almost three decades in the FMCG and quick-service restaurant industries, Luthra was the CEO of KFC India & Nepal (Devyani International Limited) previously.
According to the company, Goel will continue to steer Third Wave Coffee's strategic direction and create new projects in his capacity as a board member.
Representatives from investor companies Westbridge Capital and Creaegis said in a joint statement, "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. We also warmly welcome Rajat Luthra, who has extensive experience with QSRs at scale, and are excited about the fresh perspective and leadership he will bring to the table."
A new wave: Third wave coffee
Third Wave Coffee began operations in 2016 with one store in Koramangala, Bengaluru, and since then has grown to more than 100 locations across eight cities. The company secured $35 million in Series C funding from WestBridge Capital and Creaegis last year. A $21 million Series B round led by WestBridge Capital was participated in by several angel investors in May 2022.
In India, specialty coffee businesses like Third Wave and Blue Tokai have proliferated, creating rivalry for established players like Starbucks as young people try out novel brews and café setups.
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