Third Wave appoints KFC India head as CEO, existing CEO Sushant Goel to step down

Bangalore-based coffee QSR (quick-service restaurant) Third Wave Coffee announced the appointment of Rajat Luthra as its new CEO. Luthra will leave his previous position as the CEO of KFC (India and Nepal) at Devyani International. Following the development shares of Devyani International are down -1.90%.

Third Wave’s co-founder and current CEO Sushant Goel will step down as CEO and will transition to a Board member once Luthra takes over during the first quarter of FY25.

Sushant Goel, Ayush Bathwal and Anirudh Sharma founded the chain in 2019 with a single store in Bengaluru. The chain now has nearly 90 stores across 6 major cities in India and competes with industry leaders like Barista and Starbucks.

Last year the company raised $35 million in a Series C funding round, which was led by Creaegis, along with existing investor WestBridge Capital and some angel investors. The company announced it intends to use the funds for expansion across India and for investments in technology.