Third Wave Coffee is a quick-service coffee and food brand in India, also backed by Zerodha co-founder Nikhil Kamath.
It is said to have over 100 stores in many Indian cities.
And in September 2023, it was announced that Third Wave Coffee had secured about $35 million in a Series C funding round.
Creaegis is a private equity fund that led this round.
The round was, also, supported by existing investor WestBridge Capital and angel investors.
The funding round is said to be used for realizing Third Wave Coffee’s expansion plans.
It is said that the capital injection could strengthen Third Wave Coffee’s supply chain and bolster its tech capabilities.
In May 2022, WestBridge Capital was said to have led a $21 million Series B round for Third Wave Coffee, with participation from marquee angel investors.
Marquee investors are high-profile and well-known investors who have experienced recognition and success in the investment world.
The fundraise seems to have, also, come days after Third Wave Coffee’s rival Blue Tokai raised money from Bollywood performer and investor Deepika Padukone in a Series B round.
While India has historically been a tea-loving nation, over time, a coffee-drinking ecosystem seems to have been brewing.
There have been global giants in India, like Starbucks and companies like Cafe Coffee Day, which may have pioneered coffee culture in India.
It seems like homegrown coffee brand startups are challenging established coffee brands.
According to one report, the coffee industry in India is valued at close to $810 million.
It is projected to have a CAGR of about 9% from 2020 to 2025.
