Bangalore: Bangalore-based coffee QSR start-up Third Wave Coffee raised $6 million as part of its Series A funding round. Several existing and new shareholders participated in the private equity round, including Sujeet Kumar (Co-Founder, Udaan), Arpan Sheth (Bain & Company), and Ayyappan Rajagopal (CEO, Cleartrip), amongst others.
The Series A funding comes just months after the start-up closed its pre-Series A funding round in April from a clutch of investors, including Sujeet Kumar, Nikhil Kamath, Neelesh Bhatnagar, Ayyappan Rajagopal, and others.
Third Wave Coffee counts itself as one of the top coffee QSRs in the country, with a significant market share presence across North and South India, in key markets like Delhi and Bangalore. It has consistently focused on providing value for Indian consumers through innovative local and international offerings in coffee and food by offering offline first touchpoints to create a range of specially curated coffees, baked goods, and food.
The fresh infusion will be used by the company for pan-India expansion and to hire a leadership team from top QSR brands.
Since its launch in 2017, Third Wave Coffee has rapidly scaled the market and is en route to having the largest market share in Bangalore. In the last 12 months, the brand has tripled its number of stores. Third Wave Coffee has grown from 10 outlets at the end of 2020, to 35 outlets across 4 cities, including Delhi and, soon, Mumbai.
Founded by Ayush Bathwal, Anirudh Sharma, and Sushant Goel, Third Wave Coffee is one of India’s fastest-growing QSR coffee companies. Other coffee tech start-ups like Indonesia’s Kopi Kenangan that raised $109 million last year, Singapore-based chains Ratio and Flash Coffee, and China’s homegrown Coffee Box are also rising to meet demands from their respective regions.
“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 organized brands more frequently. With more opportunities to visit cafes and more evolved tastes, consumers are drawn to QSRs that produce and source both ethically and locally. Third Wave Coffee aims to disrupt the coffee space by breaking the monotony of the usual flavors with globally-influenced coffee and food pairings that match the palate of the modern, discerning Indian consumer,” said Sushant Goel, Co-Founder, and CEO, Third Wave Coffee.
