Bengaluru-based Third Wave Coffee is in talks with WestBridge to raise funds
- ByStartupStory | May 9, 2022
Third Wave Coffee, a Bengaluru-based coffee chain startup is in talks with WestBridge Capital for its first institutional funding of approximately $20-25 million. The round also accounts for a secondary share sale in which few of the early individual investors will exit. The startup is expected to be valued at $80-100 million after the deal is closed.
WestBridge is leading the round and it will also include secondaries in the round as the Third Wave has raised capital previously through smaller cheques from many individuals. The startup is based on the format of Quick Service Restaurant (QSR) and in this, the company also raised $6 million in December 2021. Apart from WestBridge Capital, Sujeet Kumar, the co-founder of Udaan is also investing in this round.
The company was founded in 2017 by Sushant Goel, Ayush Bathwal and Anirudh Sharma and runs across 40-50 outlets all over five cities in India including Delhi NCR and Bengaluru. It has monthly revenue of around Rs 7-8 crore and sells coffee powders as well under the same brand. It will utilise the new funds to double the post-pandemic expansion across Mumbai, Delhi and other cities and is also planning to enter Pune which is the western part of the country.
In the month of December, Third Wave said that it had around 35 stores over the past years which means it had tripled the number of stores. WestBridge Capital also backed Cafe Coffee Day earlier and invests in traditional and new-age firms. Their portfolio comprises older companies like Starbucks, Cafe Coffee Day and Costa Coffee.
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