Third Wave Coffee announced the transition of Sushant Goel from his current role as Chief Executive Officer to a member on the Board and appointment of Rajat Luthra, as their new CEO, effective from Q1 FY 24-25. Goel will continue to contribute towards the growth and development of the rapidly expanding Indian coffee brand. Rajat Luthra, former CEO of Kentucky Fried Chicken (KFC) India and Nepal (Devyani International Limited) will assume the position of CEO.
Sushant Goel, Co-founder & CEO said, “As CEO and Co-founder, I have had the privilege of leading the company through its formative years and I am incredibly proud of the journey that we have embarked on. 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 filled with optimism on what the future holds for Third Wave Coffee under his stewardship.”
Since its inception in 2016, Goel, along with co-founders Ayush Bathwal and Anirudh Sharma, has been successfully able to scale the company to 100+ outlets across India. As CEO, Sushant was responsible for steering the company’s business strategy and forging robust investor relations. In his capacity as a board member, Goel will continue to guide the strategic direction of the company and develop new initiatives for Third Wave Coffee.
The newly appointed CEO, Rajat Luthra, brings nearly three decades of extensive experience in the FMCG and QSR sectors, of which during the last 10+ years, he has been serving as the CEO of Kentucky Fried Chicken (KFC) India & Nepal (Devyani International Limited).
In a joint statement, representatives of their investor companies Westbridge Capital and Creaegis said, “We extend our heartfelt gratitude to Sushant for his instrumental role in shaping the remarkable journey of Third Wave Coffee thus far. His vision, dedication, and unwavering commitment as CEO have been pivotal in propelling our company to new heights. 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. We also warmly welcome Rajat Luthra, who has rich experience with QSRs at scale, and are excited about the fresh perspective and leadership he will bring to the table. 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 has been growing rapidly since 2016, from being a roastery with a single store in Koramangala to now having over 100 stores across 8 cities in the country. In a short span of time, the company has catapulted to one of India’s leading coffee brands, directly competing with global players in this space. Most recently, the company raised US$ 35 million in Series C funding from Creaegis and existing investor WestBridge Capital.