PE Fund Investments
Third Wave Coffee in talks to raise $25-M led by Westbridge: report
Third Wave Coffee, a Bengaluru-based coffee chain that's popular with the city's startup community, is in talks to raise $20-25 million at a valuation of $80-100 million led by WestBridge Capital. Existing investor Sujeet Kumar, co-founder of Udaan, will be investing more in this round. The round will see a secondary share sale by other individual investors in the company. Founded in 2017 by Sushant Goel, Ayush Bathwal and Anirudh Sharma, Third Wave runs around 40-50 outlets across India's top five cities, including Delhi-NCR and Bengaluru. Its monthly revenue is around INR 7-8 crore. It also sells a range of coffee powders under the same brand. WestBridge Capital, which previously had backed Cafe Coffee Day, invests across traditional sectors and in new-age firms.
From the Venture Intelligence Angel Investments Database: Between Dec-2017 and Dec-2021, Third Wave Coffee Roasters had raised funding from from Sujeet Kumar (Udaan co-founder), Arpan Sheth (Bain & Company) and Ayyappan Rajagopal (CEO of Cleartrip), Nikhil Kamath (Zerodha), Rajagopal, Neelesh Bhatnagar and others. The coffee chain firm had raised $6 million in December 2021.
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