New series A funding comes shortly after the coffee chain announced its intention to scale to 300 stores in India by 2023, with some of funds earmarked for a new leadership team
A Third Wave Coffee store in Bengaluru, India | Photo credit: Third Wave Coffee
Indian boutique coffee chain Third Wave Coffee has secured $6m investment to help facilitate its ambitious expansion plans. New investors include Sujeet Kumar, co-founder of Indian B2B trade platform, Udaan, Arpan Sheth, a senior leader at management consultants, Bain & Company, and Ayyappan Rajagopal, CEO of flight booking website, Cleartrip.
According to a press release, Third Wave Coffee will use the funds to facilitate its ‘pan-India expansion’ and hire a leadership team from ‘top QSR brands’.
“As the Indian economy grows, coffee consumption becomes a daily part of gen-Z and early millennial habits, especially given their active social lives. A large part of this population falls within the high disposable income group and thus consumes premium organised brands more frequently,” said Third Wave Coffee Co-founder and CEO Sushant Goel.
The new investment comes shortly after Third Wave Coffee announced ambition expansion plans to operate 300 stores in India by 2023. Founded in 2016, the premium coffee chain currently has 21 stores, including a flagship coffee shop in Delhi, which was opened in November 2021.