SUMMARY
Third Wave Coffee’s cofounder and current CEO Sushant Goel will transition from his current role to a member of the board
Luthra comes with about three decades of experience in the FMCG and QSR sectors. He was the CEO of KFC in India and Nepal for over 10 years
The rejig comes months after Third Wave Coffee raised $35 Mn from Creaegis and existing investors, including WestBridge Capital and Udaan cofounder Sujeet Kumar
Bengaluru-based coffee QSR chain Third Wave Coffee has appointed Rajat Luthra, the former CEO of KFC India and Nepal as its new CEO.
The startup, in a statement on Monday (March 18), also said that its current CEO Sushant Goel will transition from his current role to a member of the board.
The management change will become effective from Q1 FY25.
Founded in 2016 by Goel, Ayush Bathwal, and Anirudh Sharma, Third Wave Coffee claims to currently have 100 outlets across India. In the statement, the startup said that Goel would continue to guide its strategic direction and develop new initiatives.
Commenting on the development, Goel said, “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.”
Luthra comes with about three decades of experience in the FMCG and QSR sectors. He spent the last 10+ years as CEO of KFC in India and Nepal.
The rejig comes months after Third Wave Coffee raised $35 Mn in its Series C funding round from private equity firm Creaegis and existing investors, including WestBridge Capital and Udaan cofounder Sujeet Kumar.
In a joint statement, Westbridge Capital and Creaegis said, “As Sushant transitions to his new role on the board, we are confident that his guidance and strategic insights will continue to steer us towards even greater success… Together, under Sushant’s continued guidance and Rajat’s leadership, we are poised to embrace new opportunities and drive the company to new heights.”
Third Wave Coffee competes with the likes of Blue Tokai, Slay Coffee, and international giants like Starbucks and Tim Hortons.
As an FMCG brand, it also competes with several D2C coffee brands, including Rage Coffee and Sleepy Owl.
Recently, Third Wave Coffee laid off around 10% of its workforce, months after its last fundraise, in a restructuring exercise.
