Third Wave Coffee, a Bengaluru-based coffee QSR chain, has appointed Rajat Luthra, the former CEO of KFC India and Nepal, as its new CEO.
The startup additionally announced that its current CEO, Sushant Goel, will transition from his current position to become a member of the board.
The management change will become effective from Q1 FY25.
Established in 2016 by Sushant Goel, Ayush Bathwal, and Anirudh Sharma, Third Wave Coffee asserts its presence with 100 outlets across India. The startup mentioned in the statement that Goel would continue to steer its strategic course and spearhead new initiatives.
Commenting on the development, Goel said, “The brand is ready to embark on its next leg of growth. Now, as I transition to the board, I am excited to continue contributing towards our vision and growth from a different vantage point.”
With nearly thirty years of experience in the FMCG and QSR sectors, Luthra brings a wealth of expertise to the table. Over the past decade, he has served as CEO of KFC in India and Nepal.
The rejig comes months after Third Wave Coffee raised $35 Mn in its Series C funding round from private equity firm Creaegis and existing investors, including WestBridge Capital and Udaan cofounder Sujeet Kumar.
Continue Exploring: Third Wave Coffee raises $35 Million in Series C funding round led by Creaegis, plans to enhance cafe experience and expand technology innovation
In a joint statement, Westbridge Capital and Creaegis said, “As Sushant transitions to his new role on the board, we are confident that his guidance and strategic insights will continue to steer us towards even greater success… Together, under Sushant’s continued guidance and Rajat’s leadership, we are poised to embrace new opportunities and drive the company to new heights.”
Third Wave Coffee rivals brands such as Blue Tokai and Slay Coffee, while also contending with global giants like Starbucks and Tim Hortons.
As an FMCG brand, it also competes with various direct-to-consumer coffee brands, including Rage Coffee and Sleepy Owl.
Recently, Third Wave Coffee underwent a restructuring exercise, resulting in the layoff of around 10% of its workforce, despite having raised funds just months prior.
Continue Exploring: Fresh off its $35m funding, Bengaluru-based Third Wave Coffee lays off 10% of staff
