The coffee QSR chain is targeting 320 cafes while scaling new markets and its Third Rush Desserts business.
Third Wave Coffee has raised ₹408 crore in a fresh funding round led by existing investor WestBridge Capital, with participation from Creagis and undisclosed angel investors. The Bengaluru-based coffee QSR chain plans to use the capital to expand its cafe network, deepen its presence in high-potential markets and scale its dessert business, Third Rush Desserts.
The latest round includes both primary and secondary capital, although the company has not disclosed the split or the shareholders who sold their stakes. With this fundraise, Third Wave Coffee has raised around $105 million to date.
Third Wave currently operates more than 240 cafes across India and aims to increase its network to 320 outlets by the end of the current financial year. The company also plans to enter eight new geographies by September, while increasing store density in markets where it already has a strong presence.
Over the past year, Third Wave Coffee has expanded into Ahmedabad, Mangalore and Agra, while strengthening its footprint across Delhi NCR, Hyderabad, Chennai, Mumbai and Pune. In June 2026, it entered eastern India with three cafes in Kolkata and is evaluating potential expansion into Guwahati, Ranchi, Patna and Bhubaneswar.
The company’s growth strategy also extends beyond coffee. Third Wave plans to invest in Third Rush Desserts, its dessert segment launched earlier this year, as it looks to increase customer occasions and build a broader food and beverage offering.
CEO Rajat Luthra said the company’s vision to add 100 new cafes every year reflects the opportunity it sees ahead. Luthra joined Third Wave as founder in 2024, while cofounder and then CEO Sushant Goel transitioned to a board role.
Founded in 2016 by Sushant Goel, Anirudh Sharma and Ayush Bathwal, Third Wave competes with Indian coffee chains such as Blue Tokai and Nothing Before Coffee, alongside global players including Starbucks and Tim Hortons.
The latest investment comes as India’s specialty coffee market expands, supported by rising disposable incomes and growing consumer awareness. The specialty coffee market is projected to grow from $3.01 billion in 2025 to $6.52 billion by 2031.
With fresh capital, a growing cafe footprint and an expanding dessert proposition, Third Wave Coffee is positioning itself for the next phase of India’s evolving coffee culture.
Source: Based on publicly available reporting, with additional editorial adaptation and analysis.
