Third Wave Coffee CEO Sushant Goel steps down; Rajat Luthra to replace him

Third Wave Coffee announced the transition of Sushant Goel from his current role as Chief Executive Officer to a member of the Board and the appointment of Rajat Luthra, as their new CEO, effective from the first quarter of financial year 2024-25. Goel, one of the co-founders of Third Wave Coffee, will continue to contribute towards the growth and development of the coffee brand. Rajat Luthra, former CEO of Kentucky Fried Chicken (KFC) India and Nepal (Devyani International Limited) will assume the position of CEO, bringing in his wealth of experience to lead Third Wave Coffee into its next phase of success.

“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,” said Sushant Goel, Co-founder and CEO of Third Wave Coffee. “Now, as I transition to the Board, I am excited to continue contributing towards our vision and growth from a different vantage point. Rajat (Luthra) is a veteran in the Quick Service Restaurant (QSR) industry, and I am filled with optimism on what the future holds for Third Wave Coffee under his stewardship.”

Since its inception in 2016, Goel, along with co-founders Ayush Bathwal and Anirudh Sharma, has been successfully able to scale the company to over 100 outlets across India. As CEO, Goel was responsible for steering the company’s business strategy and forging robust investor relations. In his capacity as a board member, Goel will continue to guide the strategic direction of the company and develop new initiatives for Third Wave Coffee.

The newly appointed CEO, Rajat Luthra, brings nearly three decades of extensive experience in the Fast Moving Consumer Goods (FMCG) and QSR sectors.

“As Sushant (Goel) 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,” said representatives of Third Wave Coffee investor companies Westbridge Capital and Creaegis. “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.”

Third Wave Coffee has been growing rapidly since 2016, from being a roastery with a single store in Koramangala to now having over 100 stores across 8 cities in the country. In a short span of time, the company has catapulted to one of India’s leading coffee brands, directly competing with global players in this space. Most recently, the company raised $35 million in Series C funding from Creaegis and existing investor WestBridge Capital.