India’s specialty coffee chain Third Wave Coffee Roasters marks a major milestone with the opening of its 200th cafe at Sindhi Society in Chembur, underscoring its rapid nationwide expansion since launch. The new outlet strengthens the brand’s growing presence in Mumbai, where it now operates around 40 cafes.
Founded in 2016 by Sushant Goel, Anirudh Sharma and Ayush Bathwal in Bengaluru, Third Wave Coffee has emerged as one of India’s fastest-expanding coffee-first quick-service restaurant (QSR) chains.
Over the past decade, Third Wave has steadily increased its footprint across India’s metro and emerging urban markets. By June 2025, the brand had surpassed 165 cafes in 12 cities — a figure that included simultaneous launches across Delhi, Hyderabad, Chennai, Mumbai and Mysuru.
Growth backed by strategic funding and scaling
Third Wave Coffee’s expansion has been supported by multiple funding rounds. In September 2023, the company raised a $35 million Series C round led by Creaegis, with continued participation from existing backers such as WestBridge Capital. This round valued the company at around $150 million and provided capital for pan-India expansion, technological upgrades and supply chain development.
According to market tracking platforms, Third Wave has raised a total of approximately $66 million across rounds as it continues to scale its outlets, roastery operations and product offerings.
Revenue growth with operational challenges
Financial data shows rapid revenue growth alongside increasing operating costs. In FY24, Third Wave Coffee’s revenue from operations grew more than 60% year-on-year to around ₹240 crore, though net losses widened due to expansion-related costs and rent expenses. Around 90% of its stores have achieved positive store-level EBITDA, a key metric of profitability, according to CEO Rajat Luthra.
The brand earned revenue from both in-store sales and packaged products — including coffee beans, cold brews and retail offerings — sold online and through marketplaces, helping diversify income streams beyond cafés.
Operational strategy and store execution
Third Wave’s growth has been shaped by a strategy focused on store-level economics and disciplined expansion. The brand places cafes in high-footfall urban neighbourhoods, business districts and transit locations, aiming to deliver a consistent experience across formats and cities.
Under Luthra’s leadership — a former CEO of KFC India and Nepal before taking charge of Third Wave — the company has also pushed to enhance roastery capacity with automation and scalability in mind, preparing to support hundreds of outlets with reliable supply and quality control.
Third Wave’s approach integrates product quality, rapid site selection and streamlined logistics. The company has expanded in Bengaluru, Delhi-NCR, Mumbai and Hyderabad while entering new markets such as Chennai and Mysuru, often opening multiple stores simultaneously to build momentum.
Market context and future plans
The Indian coffee shop market continues to grow, with overall outlet numbers expanding as consumer demand for specialty beverages rises. Domestic chains like Third Wave compete with global players and other homegrown brands in a market that is projected to maintain strong long-term growth.
Third Wave has set an ambitious goal to add 100 new cafés by 2026, part of its next phase of growth. The brand says it plans to deepen its footprint in existing metros and explore opportunities in emerging locations, while maintaining focus on unit economics and customer experience.
The opening of the 200th café in Chembur represents the execution of a strategy that balances rapid expansion with profitability metrics — a model that differentiates Third Wave from competitors in India’s evolving coffee retail landscape.
