Third Wave Coffee’s Sushant Goel steps down as CEO, KFC’s Rajat Luthra to take over

Investors, who invested $35 million in Third Wave in September 2023 said the company is ready for its next phase of growth

Third Wave Coffee, a specialty coffee and food brand that counts Zerodha co-founder Nikhil Kamath among investors, announced that co-founder Sushant Goel will transition from his current role as CEO and become a board member. The former CEO of Kentucky Fried Chicken (KFC) India & Nepal (Devyani International Limited), Rajat Luthra will be the company’s new chief executive effective from Q1FY25.

Luthra brings with him nearly three decades of experience in the FMCG and QSR sectors, having worked at HUL, Future Group and several others during his career spanning over 10 years.

Sushant Goel will continue to contribute towards the growth and development of the rapidly expanding Indian coffee brand, the company said on March 18.

“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,” Goel said.

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.

Investors, who invested $35 million in Third Wave in September 2023 said the company is ready for its next phase of growth under Luthra.

“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,” investors Westbridge Capital and Creaegis said in a joint statement.

“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."