Third Wave Coffee on Thursday said it has raised $35 million in a Series C funding round led by India’s homegrown private equity firm Creaegis.
The Bangalore-based coffee chain will be using the proceeds for country-wide expansion, bolstering its supply chain, and investments in technology, it said. Third Wave Coffee already has a presence in Mumbai, Delhi, Gurgaon, Pune, Hyderabad, Noida, Coonoor and Chandigarh.
Existing investor Westbridge Capital and angel investors like Sujeet Kumar also participated in the round, which valued the company at around $150 million, according to the Economic Times.
Founded by Ayush Bathwal, Anirudh Sharma and Sushant Goel, Third Wave Coffee raised $6 million in a Series A funding round in December 2021. In May 2022, WestBridge Capital led a $21-million Series B investment in the company along with participation from angel investors.
The funding arrives at a time when the coffee chain market in India is dominated by both new and established players such as Starbucks, Tim Hortons, Barista and Cafe Coffee Day.
Earlier this year, specialty coffee startup Blue Tokai Coffee Roasters raised $30 million in its Series B funding round led by A91 Partners,
Third Wave Coffee, which has over 100 stores, claims to have grown 5 times through the last year and has strategically expanded its footprint across the nation.
Third Wave’s funding marks Creagis’ second deal announcement this week. On Tuesday, Doceree, a global network of physicians-only platforms for programmatic messaging, said it has raised $35 million in a Series B funding round led by Creaegis.
Last week, Creaegis closed its maiden fund at about $425 million from institutional investors, including the International Finance Corporation (IFC) and family offices from India, the US, Europe, and Asia.
