Third Wave Coffee names former head of KFC India Rajat Luthra as its new CEO

Goel is among the co-founders of the chain, which competes with Starbucks, Barista and others in India. The other co-founders are Anirudh Sharma and Ayush Bathwal. Luthra is the former CEO of KFC India & Nepal (Devyani International Limited) and has nearly three decades of experience in FMCG and quick-service restaurants.

As a board member, Goel will continue to guide the strategic direction and develop new initiatives for Third Wave Coffee, the company said.

Representatives of 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 rich experience with QSRs at scale, and are excited about the fresh perspective and leadership he will bring to the table.”

Since its launch in 2016, Third Wave Coffee has grown from a single store in Koramangala to more than 100 outlets in eight cities. Last year the company raised $ 35 million in Series C funding from Creaegis and WestBridge Capital. In May 2022, WestBridge Capital led a $21-million Series B round that saw participation from various angel investors.

Specialty coffee chains such as Third Wave and Blue Tokai have mushroomed across India, raising the competition for incumbents such as Starbucks, as urban consumers experiment with new brews and cafe formats.

Earlier this year, Mint reported that such chains have raised close to $100 million venture capital over the past two years, compared to $22 million in the fours years before that, according to Tracxn.

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Published: 18 Mar 2024, 07:06 PM IST