Third Wave Coffee’s CEO Sushant Goel transitions to Board role; paves way for new CEO

• Transition of Third Wave Coffee’s CEO Sushant Goel to Board Position; New CEO On the Horizon
• CEO Sushant Goel of Third Wave Coffee Shifts to Board Role; Setting Stage for New CEO

This transition will be effective Q1 of 2025 Appoints Rajat Luthra as new CEO, effective Q1 of FY 24-25, after a 10+ year stint as the CEO of KFC
India & Nepal (Devyani International Limited)
India, Bengaluru, 18th March 2024: Third Wave Coffee, India’s leading coffee QSR (Quick
Service Restaurant) announced the transition of Sushant Goel from his current role as Chief
Executive Officer to a member on the Board and appointment of Rajat Luthra, as their new CEO,
effective from Q1 FY 24-25. Sushant will continue to contribute towards the growth and
development of the rapidly expanding Indian coffee brand. Rajat Luthra, former CEO of
Kentucky Fried Chicken (KFC) India & 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.
Commenting on this development, Sushant Goel, Co-founder & CEO said, “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 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, Sushant, along with co-founders Ayush Bathwal and Anirudh
Sharma, has been successfully able to scale the company to 100+ outlets across India. As
CEO, Sushant 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 FMCG and QSR sectors, of which during the last 10+ years, he has been serving as the
CEO of Kentucky Fried Chicken (KFC) India & Nepal (Devyani International Limited).
In a joint statement, representatives of their investor companies 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. 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 Luthra,
who has rich experience with QSRs at scale, and are excited about the fresh perspective and
leadership he will bring to the table. Together, under Sushant’s continued guidance and Rajat’s
leadership, we are poised to embrace new opportunities and drive the company to new heights”
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 US$ 35 million in
Series C funding from Creaegis and existing investor WestBridge Capital.

About Third Wave Coffee
Third Wave Coffee is a coffee and food QSR brand founded by Sushant Goel, Anirudh Sharma
and Ayush Bathwal in 2017. With a commitment to quality and innovation, the homegrown
coffee QSR chain has rapidly expanded to over 100+ stores nationwide, earning a reputation as
the fastest-growing coffee brand in the country. Third Wave Coffee is dedicated to providing a
high-quality coffee-first experience to its customers across the country with a specific focus on
high-quality beans, convenient locations and a technology-enabled consumer experience. For
more information, visit Third Wave Coffee