Third Wave Coffee raises $35 million in funding round led by Creaegis
coffee & QSR space is set to heat up further with Third Wave Coffee—a Bengaluru-based coffee chain that’s popular with the city’s startup community—raising $35 million in new funding in a round led by private equity firm Creaegis.
Existing investors, including WestBridge Capital and Udaan cofounder Sujeet Kumar, have also participated in the round and Third Wave Coffee is now valued at around $150 million, people aware of the matter said.
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Offering CollegeCourseWebsiteIndian School of BusinessISB Product ManagementVisitNorthwestern UniversityKellogg Post Graduate Certificate in Product ManagementVisitNorthwestern UniversityKellogg Post Graduate Certificate in Digital MarketingVisitIndian School of BusinessISB Applied Business AnalyticsVisitThird Wave Coffee cofounder and chief executive Sushant Goel confirmed the new funding without providing any details. Creaegis closed a $426 million fund on September 20 through which it has made the investment in the coffee chain.
A new wave of coffee brands is gaining traction in Indian metros and beyond as the coffee drinking culture expands across the country. Goel said the majority of the new capital will be used to double down on store expansion in existing markets as well as to enter new cities.
“We have about 105 stores, half of which are in Bengaluru. We are looking to add another 50-60 this year across metros and tier-1 cities,” said Goel. Started in 2017, Third Wave Coffee was largely a Bengaluru-focussed coffee QSR brand but started expanding to othercities following a $21 million fundraise, as reported by ET.
In recent weeks, brands such as Blue Tokai and Abcoffee have also raised new capital from investors,
