India’s specialty coffee chains are pulling in bigger checks as the country’s cafe habit grows.
Third Wave Coffee, the Bengaluru-based chain, has closed a round of nearly $43 million (Rs 408 crore) led by WestBridge Capital, an existing backer, Mint reported. The deal was mostly fresh primary capital with a small secondary piece, and Creaegis plus a group of angels also joined.
The funding lifts the company’s lifetime haul past $105 million and its valuation to roughly $210 million (Rs 2,000 crore), up from about $150 million after its previous round.
Founded in 2017 by Ayush Bathwal, Anirudh Sharma, and Sushant Goel, the chain runs more than 220 cafes across Bengaluru, Delhi, Pune, Mumbai, and Hyderabad.
The money will fund more stores and adjacent food offerings as Third Wave pushes deeper into India’s organized coffee and quick-service restaurant market.
