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New Delhi: Specialty espresso chain Third Wave Espresso has introduced that Rajat Luthra will probably be its new CEO and that present CEO Sushant Goel will transition to board member in early FY25.
Goel is among the many co-founders of the chain, which competes with Starbucks, Barista and others in India. The opposite co-founders are Anirudh Sharma and Ayush Bathwal. Luthra is the previous CEO of KFC India & Nepal (Devyani Worldwide Restricted) and has practically three many years of expertise in FMCG and quick-service eating places.
As a board member, Goel will proceed to information the strategic path and develop new initiatives for Third Wave Espresso, the corporate mentioned.
Representatives of investor corporations Westbridge Capital and Creaegis mentioned in a joint assertion, “As Sushant transitions to his new function on the board, we’re assured that his steerage and strategic insights will proceed to steer us in direction of even larger success. We additionally warmly welcome Rajat Luthra, who has wealthy expertise with QSRs at scale, and are excited in regards to the contemporary perspective and management he’ll convey to the desk.”
Since its launch in 2016, Third Wave Espresso has grown from a single retailer in Koramangala to greater than 100 retailers in eight cities. Final yr the corporate raised $ 35 million in Sequence C funding from Creaegis and WestBridge Capital. In Might 2022, WestBridge Capital led a $21-million Sequence B spherical that noticed participation from numerous angel traders.
Specialty espresso chains reminiscent of Third Wave and Blue Tokai have mushroomed throughout India, elevating the competitors for incumbents reminiscent of Starbucks, as city shoppers experiment with new brews and cafe codecs.
Earlier this yr, Mint reported that such chains have raised near $100 million enterprise capital over the previous two years, in comparison with $22 million within the fours years earlier than that, in response to Tracxn.
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Revealed: 18 Mar 2024, 07:06 PM IST
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