Third Wave Coffee raises $35 mn in funding round led by Creaegis
Third Wave Coffee, a prominent chain of coffee shops in Bengaluru that is well-liked by the city's startup community, has raised $35 million in new capital in a round that was spearheaded by private equity company Creaegis, which is expected to intensify competition in the specialty coffee and quick service restaurant (QSR) space.
Third Wave Coffee is now valued at over $150 million thanks to participation from existing investors such as WestBridge Capital and cofounder of Udaan Sujeet Kumar. Sushant Goel, the co-founder and CEO of Third Wave Coffee, merely acknowledged the additional money. On September 20, Creaegis closed a $426 million fund with proceeds used to purchase the coffee chain.
As the tradition of drinking coffee spreads throughout the nation, a new wave of coffee brands are gaining popularity in Indian metropolises and elsewhere. According to Goel, the majority of the additional funds will be utilised to expand storefronts in already-existing areas as well as to expand into new cities. We have roughly 105 outlets, with Bengaluru housing half of them. This year, we hope to expand to another 50 to 60 metro areas and Tier 1 cities, according to Goel. When it first launched in 2017, Third Wave Coffee was primarily a coffee QSR brand with a concentration on Bengaluru. However, after raising $21 million, the company began to expand to other cities.
Brands like Blue Tokai and Abcoffee have also recently raised more funds from investors, including actor Deepika Padukone. Blue Tokai had gotten $30 million from A91 Partners and other investors in January. Tim Hortons of Canada and Starbucks India are two more significant companies in the market. Third Wave Coffee has an annualised revenue run-rate of about Rs 300 crore.
We think that the coffee-first QSR sector is one of the nation's fastest-growing customer segments. Over the past year, we have multiplied by five and carefully increased our footprint across the country. To create a superior café experience across the nation, we will continue to double down on product and technology innovation in the future, Goel stated.
Third Wave Coffee is now valued at over $150 million thanks to participation from existing investors such as WestBridge Capital and cofounder of Udaan Sujeet Kumar. Sushant Goel, the co-founder and CEO of Third Wave Coffee, merely acknowledged the additional money. On September 20, Creaegis closed a $426 million fund with proceeds used to purchase the coffee chain.
As the tradition of drinking coffee spreads throughout the nation, a new wave of coffee brands are gaining popularity in Indian metropolises and elsewhere. According to Goel, the majority of the additional funds will be utilised to expand storefronts in already-existing areas as well as to expand into new cities. We have roughly 105 outlets, with Bengaluru housing half of them. This year, we hope to expand to another 50 to 60 metro areas and Tier 1 cities, according to Goel. When it first launched in 2017, Third Wave Coffee was primarily a coffee QSR brand with a concentration on Bengaluru. However, after raising $21 million, the company began to expand to other cities.
Brands like Blue Tokai and Abcoffee have also recently raised more funds from investors, including actor Deepika Padukone. Blue Tokai had gotten $30 million from A91 Partners and other investors in January. Tim Hortons of Canada and Starbucks India are two more significant companies in the market. Third Wave Coffee has an annualised revenue run-rate of about Rs 300 crore.
We think that the coffee-first QSR sector is one of the nation's fastest-growing customer segments. Over the past year, we have multiplied by five and carefully increased our footprint across the country. To create a superior café experience across the nation, we will continue to double down on product and technology innovation in the future, Goel stated.
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