Food and Beverage
Free ReadThird Wave Coffee once expanded at all costs. In FY24, the company posted revenue of Rs 249 crore while recording a loss of Rs 152 crore. Around 70% of its stores were making losses, The CapTable had reported then.
The company has since changed course. It brought in former KFC India executive Rajat Luthra as CEO, and the numbers have followed. In FY25, revenue grew to Rs 285 crore and losses narrowed to Rs 94 crore. “More than 95% of the cafés are now unit economics positive,” Luthra told The CapTable at Third Wave’s Koramangala café on Thursday. “We are well on our path to profitability.”
Two moves are now driving that path—and they pull in opposite directions.
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