Bengaluru-based Coffee QSR Start-up Third Wave Coffee Secures $6 Million from Udaan & Others
Third Wave Coffee, a Bengaluru-based coffee QSR (quick service restaurant) incubator, has secured $6 million in its Series A funding round. Sujeet Kumar (co-founder, Udaan), Arpan Sheth (Bain & Company), and Ayyappan Rajagopal (CEO, Cleartrip) were among the existing and new stockholders who participated in the private equity transaction.
The Series A fundraising comes only months after the company closed a pre-Series A funding round in April with Sujeet Kumar, Nikhil Kamath, Neelesh Bhatnagar, and Ayyappan Rajagopal among the investors.
Third Wave Coffee is one of the country's most popular coffee quick service restaurants, having significant market share in key cities such as Delhi and Bengaluru. According to the company, it has constantly focused on delivering value to Indian consumers through creative local and foreign coffee and culinary offers. It will provide a range of specifically crafted coffees, baked products, and cuisine using offline initial touches.
The company will leverage the fresh investment to expand across India and hire a leadership team from major QSR brands.
Sushant Goel, co-founder and CEO of Third Wave Coffee, remarked, “as the Indian economy grows, coffee consumption is becoming 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. 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 has swiftly scaled the market since its inception in 2017 and is on its way to having the greatest market share in Bangalore. The brand's shop count has more than tripled in the last year. Third Wave Coffee has expanded from ten locations in 2020 to 35 locations in four cities, including Delhi and, soon, Mumbai.
Third Wave Coffee, founded by Ayush Bathwal, Anirudh Sharma, and Sushant Goel, claims to be one of India's fastest-growing QSR coffee firms. Other coffee tech start-ups, such as Indonesia's Kopi Kenangan, which garnered $109 million last year, Singapore's Ratio and Flash Coffee, and China's indigenous Coffee Box, are all growing to fulfil regional demand.
The Series A fundraising comes only months after the company closed a pre-Series A funding round in April with Sujeet Kumar, Nikhil Kamath, Neelesh Bhatnagar, and Ayyappan Rajagopal among the investors.
Third Wave Coffee is one of the country's most popular coffee quick service restaurants, having significant market share in key cities such as Delhi and Bengaluru. According to the company, it has constantly focused on delivering value to Indian consumers through creative local and foreign coffee and culinary offers. It will provide a range of specifically crafted coffees, baked products, and cuisine using offline initial touches.
The company will leverage the fresh investment to expand across India and hire a leadership team from major QSR brands.
Sushant Goel, co-founder and CEO of Third Wave Coffee, remarked, “as the Indian economy grows, coffee consumption is becoming 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. 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 has swiftly scaled the market since its inception in 2017 and is on its way to having the greatest market share in Bangalore. The brand's shop count has more than tripled in the last year. Third Wave Coffee has expanded from ten locations in 2020 to 35 locations in four cities, including Delhi and, soon, Mumbai.
Third Wave Coffee, founded by Ayush Bathwal, Anirudh Sharma, and Sushant Goel, claims to be one of India's fastest-growing QSR coffee firms. Other coffee tech start-ups, such as Indonesia's Kopi Kenangan, which garnered $109 million last year, Singapore's Ratio and Flash Coffee, and China's indigenous Coffee Box, are all growing to fulfil regional demand.
.jpg "Caim By Arelang: India's First CandyCeuticals Company Offering Nutraceuticals in Irresistibly Tasty Treats")
