Nikhil Kamath-backed Third Wave Coffee secures $35mn in Series C
What's the story
Indian specialty coffee and food brand Third Wave Coffee has secured $35 million in a Series C funding round.
Led by private equity firm Creaegis, the round also saw participation from existing investors Westbridge Capital and Udaan's Sujeet Kumar.
The Bengaluru-based start-up has Zerodha co-founder Nikhil Kamath among its investors as well.
Details
Rapid growth and competition in India's specialty coffee market
The coffee-first quick service restaurant (QSR) industry is booming in India, and Third Wave Coffee is riding the wave with 5x growth over the past year.
Expanding its footprint across the nation, the company faces competition from specialty coffee brands like Blue Tokai, Slay Coffee, Sleepy Owl Coffee, Hatti Kaapi, and traditional chains such as Cafe Coffee Day and Starbucks.
This funding news follows rival Blue Tokai's recent $30 million extended Series B round.
What Next?
Founders and expansion to over 100 stores
Founded in 2017 by Ayush Bathwal, Anirudh Sharma, and Sushant Goel, Third Wave Coffee now operates over 100 stores in major Indian cities like Bengaluru, Mumbai, Delhi, Gurugram, Pune, Hyderabad, Noida, Coonoor, and Chandigarh.
Goel, the company's CEO, said that the company will keep focusing on technology and product innovation to deliver top-notch cafe experiences across the country.
Insights
Previous funding rounds and total capital raised
This latest funding round comes after Third Wave Coffee raised $21 million from WestBridge Capital and other investors more than a year ago.
According to private markets data provider Tracxn, the company has now secured over $65 million in funding from various angel and institutional investors.
With this fresh capital infusion, Third Wave Coffee aims to solidify its position in the specialty coffee market and enhance customer experience.