Sushant Goel Steps Down From Third Wave Coffee CEO Position; Rajat Luthra To Take Over

New Delhi: The co-founder and CEO of Third Wave Coffee, Sushant Goel has stepped down from the CEO position and moved into a board member role. Rajat Luthra, currently the CEO of KFC India and Nepal will take over as Goel starting from the first quarter of the next fiscal year (FY25). This change follows six months after the company's successful Series C funding round worth $35 million.

According to a press release from the company, Sushant will remain involved in fostering the growth and advancement of the fast-growing Indian coffee brand. Rajat Luthra is an experienced professional with more than thirty years of expertise in the FMCG and QSR industries. He has led the operations of Kentucky Fried Chicken (KFC) in India and Nepal for the past decade. (Also Read: Narayana Murthy Gifts Rs 240 Crore Worth of Infosys Shares To 4-Month-Old Grandson)

“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, who has rich experience with QSRs at scale, and are excited about the fresh perspective and leadership he will bring to the table,” a statement issued jointly by WestBridge Capital and Creagis mentioned. (Also Read: Government To Purchase 1650 Tonnes Of Onions For Export To Bangladesh)

Third Wave Coffee has expanded from a sole store in Koramangala to over 100 branches in eight cities. The company secured $35 million in Series C funding last year from Creaegis and WestBridge Capital. In May 2022, WestBridge Capital spearheaded a $21-million Series B round, with contributions from multiple angel investors.