Third Wave Coffee Appoints Rajat Luthra As CEO

Specialty coffee chain Third Wave Coffee on Monday said Sushant Goel, the company's founder and Chief Executive Officer, will be stepping down from his current role to transition into a position on the board. 

The transition comes as the company appoints Rajat Luthra, formerly head of KFC India and Nepal, as its new CEO. Luthra is set to assume his new role on 1 April and will also join the company's board.

The decision to change leadership comes at a time when the specialty coffee industry is experiencing a surge in investor interest, with new chains securing funding from venture capital funds. Despite the transition, Third Wave Coffee, which operates 110 stores across the country, remains committed to its expansion plans under Luthra's leadership. The company was founded in 2016 by Goel, Ayush Bathwal, and Anirudh Sharma, who collectively own close to 30 per cent of the firm. Important investors in Third Wave Coffee include WestBridge Capital, Creagis and others.

Last year, Third Wave Coffee secured an investment of USD 35 million from private equity fund Creagis. According to the company, Goel will gradually transition out of his day-to-day operational responsibilities over the next nine months. Additionally, the company underwent a restructuring earlier this year, focusing on achieving profitability, which included staff layoffs. Presently, Third Wave Coffee employs around 120 staff members.

Rajat Luthra brings over 12 years of experience from his tenure at KFC, along with previous leadership experience as CEO of Celio Future Fashion Limited until 2011.