Resurgent Third Wave Coffee on course for $400m valuation, sources say

Reports that major backers are doubling down on their investments are the latest indication that CEO Rajat Luthra’s turnaround strategy is taking hold

It has been a busy few years for Bengaluru-based Third Wave Coffee. The premium operator has raised millions of dollars in investment, appointed new leadership and opened a new roastery to catalyse soaring demand for out-of-home coffee in India, boost store-level profitability and compete more effectively with India’s leading coffee chains.

Those decisions are paying off. When former Devyani International Ltd executive Rajat Luthra joined Third Wave as CEO in March 2024, 70% of the chain’s outlets were making a loss.