Private Equity

PE-VC Fund Investments

Cafe chain Third Wave Coffee raises Rs.408-Cr led by Westbridge Capital

Bengaluru-based cafe chain Third Wave Coffee has raised INR 408 crore in a round led by existing investor Westbridge Capital, largely through a primary issuance. The transaction, which also witnessed participation from Creaegis and angel investors, includes a small secondary component through which a few early investors have exited some of their stake.The funding values the company at about INR 2,000 crore and will take Westbridge’s shareholding to about 47%, while Creaegis will own close to 15% in the company. The remaining stake is held by the founders and other angel investors.The firm last raised about USD 35 million in a round led by Creaegis, along with participation from existing investor Westbridge, in 2023 at a valuation of INR 1,300 crore. WestBridge also led the company’s USD 21 million Series B round in 2022, following its USD 6 million Series A in 2021.Founded in 2017 by Sushant Goel, Ayush Bathwal and Anirudh Sharma, Third Wave Coffee operates a chain of cafes and sells products including coffee beans, cold brew bags and merchandise. It has expanded across Bengaluru, Delhi, Pune, Mumbai, Hyderabad, Ahmedabad and Kolkata.The fresh capital will be directed towards geographic growth in existing markets, building greater density in high-potential cities and strengthening the brand’s ability to serve a wider range of consumer occasions.

Between Aug 2021 and Sep 2023, Third Wave Coffee had attracted about $61-M from Creaegis, Konark Capital, WestBridge, Addition Ventures, Others.For FY25, Third Wave Coffee had reported about INR 269 Cr in Operating Income and about INR 94 Cr in Net Loss.