Third Wave Coffee appoints ex-KFC executive Rajat Luthra as new CEO; Sushant Goel moves to Board

Speciality coffee chain Third Wave Coffee Roasters has appointed Rajat Luthra as the new chief executive officer (CEO) effective the first quarter of FY25. Current executive Sushant Goel will move to a Board member role, continuing to contribute towards the growth and development of the firm, it said on Monday.

Founded in 2016 by Goel, Ayush Bathwal, and Anirudh Sharma, Third Wave Coffee has established over 100 outlets of the quick-service restaurant model across eight cities in the country. 

As CEO, Goel was responsible for steering the company’s business strategy and forging investor relations. In his capacity as a board member, he will continue to guide the strategic direction of the company and develop new initiatives for Third Wave Coffee, it said in a statement.

Luthra was the CEO of fast food chain KFC India and Nepal (Devyani International) for a decade and brings a total of three decades of extensive experience in the FMCG and QSR sectors.

In September, the firm secured $35 million in a Series C funding round led by Creaegis, with participation from existing investors. The company will use the capital for country-wide expansion, bolstering its supply chain, enhancing capabilities, and investments in technology.

Three months later, the firm let go of nearly 120 employees as part of a restructuring exercise.

Speaking of the appointment, representatives of 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."

"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,” he added.