Quick service restaurant chain Third Wave Coffee, operated by Heisetasse Beverages Pvt. Ltd has appointed former Devyani International executive Rajat Luthra as its new chief executive officer after its co-founder stepped down from the CEO position.
Luthra’s appointment would be effective from the first quarter of FY25, the company said in a statement. Additionally, Goel would transition to becoming a member of the board of the company.
“The brand is ready to embark on its next leg of growth. Now, as I transition to the board, I am excited to continue contributing towards our vision and growth from a different vantage point. Rajat is a veteran in the QSR industry, and I am optimistic about the future of Third Wave Coffee under his stewardship,” said Goel, co-founder, Third Wave Coffee.
An alumnus of Delhi University, Luthra has nearly three decades of experience in the FMCG and QSR sectors. His most recent stint was with Kentucky Fried Chicken (KFC) India & Nepal (Devyani International Ltd) as their chief executive officer.
On the other hand, Third Wave Coffee was founded by Ayush Bathwal, Anirudh Sharma and Goel in 2017. It operates around 100 stores across major Indian cities, including Bengaluru, Mumbai, Delhi, Gurugram, Pune, Hyderabad, Noida, Coonoor and Chandigarh.
In terms of its financial performance, the company posted net sales of Rs 31.7 crore during FY22 as against Rs 11.5 crore a year before. Notably, the company hadn't turned operational breakeven till FY22, as per VCCEdge, the data intelligence platform of VCCircle.
It competes with the likes of another homegrown coffee brand Blue Tokai Coffee Roasters, which also raised around $30 million in January 2023.
In September 2023, the brand raised $35 million in a Series C funding exercise led by Creaegis, with participation from existing backers Westbridge Capital and Udaan founder Sujeet Kumar.