Indian coffee chain Third Wave Coffee has named Rajat Luthra as its new CEO. Sushant Goel, the company's founder and current CEO, will take on a board role.
Luthra, former head of KFC India and Nepal, will also join the Third Wave Coffee board on 1 April 2024.
With Luthra's appointment, Third Wave Coffee — which now has 110 locations nationwide — hopes to maintain its growth momentum.
He has a proven track record in the foodservice industry and served as CEO of Celio Future Fashion Limited before his 12-year tenure at KFC.
Sushant Goel, who co-founded Third Wave Coffee in 2016 with Ayush Bathwal and Anirudh Sharma, will gradually transition out of his day-to-day operating role over the next nine months.
The founders collectively hold a 30% stake in the firm. Its investors include WestBridge Capital and Creagis.
In September 2023, Third Wave Coffee secured a significant investment, raising $35m from private equity fund Creagis.
In early 2024 the brand undertook a restructuring with a focus on profitability, which resulted in layoffs, reported by The Economic Times.
The company has 120 employees. As Third Wave Coffee enters a new chapter, the industry will be watching to see how Luthra's leadership will shape its future.
Sushant Goel was quoted by MoneyControl as saying: “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 quick service restaurant (QSR) industry, and I am filled with optimism about what the future holds for Third Wave Coffee under his stewardship.”
WestBridge Capital and Creagis in a joint statement said: “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.”
