Third Wave Coffee’s co-founder and current chief executive officer, Sushant Goel, has decided to step down from his CEO position and transition to a board member role within the firm. Rajat Luthra, who currently serves as the CEO of KFC India and Nepal, will succeed Goel, assuming the position in the first quarter of the upcoming fiscal year (FY25). This change follows six months after the company’s successful Series C funding round, which raised $35 million.
According to a press release by the company, Sushant Goel will remain actively involved in contributing to the growth and development of the rapidly expanding Indian coffee brand.
Rajat Luthra brings over three decades of experience across the FMCG and QSR sectors to his new role. For the past decade, he has been leading operations for Kentucky Fried Chicken (KFC) in India and Nepal.
Third Wave Coffee, founded by Ayush Bathwal, Anirudh Sharma, and Sushant Goel, boasts a presence of over 100 outlets across Delhi (NCR) and Bengaluru, among other locations. The company secured $35 million in funding from Creaegis and WestBridge Capital in September 2023.
According to insights from TheKredible, WestBridge Capital holds the largest stake in the company at 32.62%, followed by the three co-founders with a combined 26.03%. Creaegis holds a 13.61% stake, while Sujeet Kumar, co-founder of Udaan, holds a 5.64% stake.
While Third Wave Coffee has not yet reported its financials for FY23, its operating revenue experienced a significant increase of 2.3 times to reach Rs 31.75 crore in FY22. However, its losses also grew by 3.3 times to Rs 14.5 crore during the same period (FY22).
