THIRD WAVE COFFEE ROASTERS
Cool beans! Cafes are having a field day this summer
National chains such as Third Wave Coffee, Chaayos, AbCoffee, and Boba Bhai have seen a notable increase in foot traffic at their cafes, particularly in northern India, despite the region grappling with record summer temperatures. These cafes are also experiencing increased demand for summer-specific items through delivery services. Also, their appeal as hubs for remote work and meetings is further boosting footfalls.
Third Wave Coffee will add over 50 stores, expand to new cities: CEO Rajat Luthra
Third Wave Coffee, backed by Westbridge Capital, plans to open 50 new stores in existing markets like Bengaluru, Delhi-NCR, Mumbai, and Hyderabad, with a focus on Chennai, as stated by new CEO Rajat Luthra. The expansion comes as new-age coffee brands such as Blue Tokai, Subko Coffee and AbCoffee have seen a rush of venture capital.
Bluestone’s new investors; states & semicon hubs
Happy Tuesday! New investors are finalising Bluestone’s pre-IPO funding round. This and more in today’s ETtech Morning Dispatch.
Unacademy’s Hemesh Singh joins other founders who donned non-executive roles
Unacademy's Hemesh Singh on Saturday stepped down as CTO of the company, moving to an advisory role. This is one of the many top-deck changes reported in startups over the past year. Here's a look at some of the key changes announced by startups in their leadership.
Starbucks’ FY24 losses widen to Rs 81.84 crore for India operations
Of its total loss, Tata Consumer bore Rs 40.91 crore. This is a significant increase compared to the previous year, when Starbucks reported a loss of Rs 24.97 crore on sales of Rs 1086.89 crore.
12 Flags Group takes a sip of Blue Tokai
The investment by 12 Flags comes at a time when cafe chains in India are growing faster than quick service restaurants (QSRs), fuelled by younger set of consumers, aspirational demand, and menu innovation. In addition to new-age speciality coffee chains such as Blue Tokai, Third Wave and Slay, there are legacy brands such as Tata Starbucks, Costa Coffee and Barista, as well as relatively newer global entrants to India like British chain Pret a Manger and Canada's Tim Hortons, all of which are fuelling demand for cafes.
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Rakesh Kapoor-backed 12 Flags invests in Blue Tokai; its first investment in India
In addition to new-age specialty coffee chains such as Blue Tokai, Third Wave and Slay, there are legacy brands such as Tata Starbucks, Costa Coffee and Barista, as well as relatively newer global entrants to India like British chain Pret a Manger and Canada’s Tim Hortons, all of which are fuelling demand for cafes.
InShorts' Azhar Iqubal steps down from CEO role; cofounder Deepit Purkayastha to take over
Azhar Iqubal, the co-founder and CEO of online news aggregator InShorts, has transitioned to the role of chairman, while co-founder Deepit Purkayastha assumes the position of CEO. Iqubal expressed excitement for Purkayastha's leadership and the company's future growth. Established in 2013, InShorts delivers daily news highlights in 60 words across various categories.
Specialty coffee startup Subko secures $10 million in funding led by Zerodha's Nikhil Kamath
Following the funding, Subko's valuation has increased to $34 million. The startup said the newly raised capital will be utilised to strengthen the talent pool, develop tech-enabled customer experiences, conduct research and development for product design, among others.
Third Wave Coffee ropes in ex-KFC India head as CEO; founder Sushant Goel to move to board role
The company last raised $35 million from PE fund Creagis in September. Goel will transition out of his day-to-day operating role over the next nine months.
Tech-first VCs line up for new-age consumer brands, offline businesses
Tech-first VC Nexus Venture Partners will lead a $5 million funding round in specialty coffee brand AbCoffee and it will also invest in lab-grown diamond maker Aukera, sources told ET. Accel, one of Flipkart's earliest investors, will close a $12 million round in fast fashion brand Newme. Why are tech-first VCs lining up for new-age brands with a horde of affluent young customers?
Blue Tokai revenue surges 70% in FY23; loss up 3.5 times as firm expands footprint
Specialty coffee brand Blue Tokai saw its total expenses balloon to Rs 166 crore in FY23 from Rs 90 crore in the previous fiscal primarily on account of an increase in costs pertaining to raw materials, employee salaries, and rents.
Bullish on India as it has everything in place to accelerate trajectory: Starbucks Global CEO Narasimhan
Starbucks CEO Laxman Narasimhan has announced plans to open a new store every third day in India to operate 1000 cafes by 2028. The company is focusing on the tea-drinking nation's impressive development and improved ease of doing business. Starbucks has 390 stores in India and crossed the Rs 1,000-crore sales mark for the first time since its establishment in 2012.
Kannadiga identity: Protestors deface Hindi, English signboards across Bengaluru; Starbucks, Third Wave Coffee among those targeted
The Kannadiga identity has always been heavily politicised, with each party claiming to be more pro-regional than the other. In the run up to the Karnataka assembly elections this May, the Congress and the BJP had used every topic to corner the other on perceived anti-regionalism, from state cooperative milk brand Nandini to lack of Kannada option in central armed police forces recruitment (CAPF) exams.
Bose picks up minority stake in Noise; Udaan fires over 100 employees
In what could potentially strengthen homegrown audio accessories and wearables brand Noise’s foothold in a tightly contested segment, the company has closed its first ever fundraise from global audio devices maker Bose. This and more in today’s ETtech Top 5.
Bhavish Aggarwal's Krutrim AI plans; Elevation Capital report on startup outlook
Ola founder Bhavish Aggarwal on Friday unveiled the large language model (LLM) Krutrim, which he described as ‘India’s own AI’. This and more in today’s ETtech Top 5.
Third Wave Coffee lays off employees months after fundraise
Third Wave confirmed the layoffs to ET in a statement, saying that it was a “one-time restructuring exercise to consolidate our teams”.
Starbucks to brew a mix of expansion, affordability to compete with rivals
Starbucks, the world's largest coffee retailer operating in India through Tata Consumer Products, is strategically shifting its focus towards rapid expansion and enhanced affordability. In a market where at least half-a-dozen new players are intensifying competition in the coffee cafe chain segment, Sunil D' Souza, Managing Director of Tata Consumer Products, sheds light on Starbucks' approach to navigate the dynamic landscape.
Snacking brand Sweet Karam Coffee secures $1.5 million in funding from Fireside Ventures
Founded by husband-wife duo Anand Bharadwaj and Nalini Parthiban, along with Srivatsan Sundararaman and Veera Raghavan, Sweet Karam Coffee serves filter coffee as well as a range of South Indian sweets and snacks, which it claims are free from palm oil and preservatives.
PE-backed Third Wave Coffee opens 46th outlet in Bengaluru
Telecom operator Vodafone Idea (VIL) is set to make substantial investments in the near future to facilitate the rollout of a robust 5G network and to further enhance the coverage of its 4G services. This commitment was underscored by the billionaire industrialist Kumar Mangalam Birla on Friday.
Coffee in India's facing the impact of climate change - but work on mitigation's begun
Climate change is negatively impacting coffee production in India, particularly in the state of Karnataka, which produces 70% of India's coffee. Erratic rainfall and rising temperatures are affecting the growth and yield of coffee plants, reducing production and increasing susceptibility to pests.
No conflict of interest; Cafe coffee culture in India Instagrammable: Costa Coffee global CEO
The Coca-Cola company had acquired UK cafe chain Costa Coffee for $5.1-billion in 2019, to expand its beverages portfolio globally and drive cross synergies with cafes. But in India, Costa Coffee has been operated by PepsiCo's exclusive bottler RJ Corp which owns Devyani International Ltd (DIL), and continues to do so.
Third Wave Coffee raises $35 million in funding round led by Creaegis
Third Wave Coffee cofounder and chief executive Sushant Goel confirmed the new funding without providing any details. Creaegis closed a $426 million fund on September 20 through which it has made the investment in the coffee chain.
Zerodha sets valuation at Rs 30,000 crore; Third Wave Coffee secures fresh funding
Nithin Kamath, cofounder & CEO, Zerodha, said they value the stockbroking company at 10 to 15 times of its profit after tax (PAT). This and more in today’s packed edition of ETtech Top 5
Bean everywhere: Cafes offering specialty coffee are riding the new wave
The exact definition of specialty coffee is somewhat elusive. Consultant, educator and Q processor Binny Varghese says there isn’t one and that when experts talk about specialty coffee, they mean coffee for which a professional coffee taster, called a Q Grader (akin to a wine sommelier), has given at least 80 points out of 100.
It's the cafe chains that the young are flocking to
Cafe chains in India are now growing faster than quick service restaurants (QSR) as younger, aspirational consumers increasingly prefer to meet and hang out in cafes despite high menu prices, execs and analyst reports say.
Starbucks brews up cheaper India drinks as domestic rivals expand
Although Starbucks still dominates in India, rivalry is fizzing in the capital, New Delhi, and the technology hub of Bengaluru, where many Third Wave cafes are often as crowded as Starbucks outlets. "We've lost 30 cups a day to them," said a barista at a Starbucks shop in Delhi that sells 7,500 drinks a month, referring to a Third Wave that opened nearby months ago, but already sells 3,700.
Tata Starbucks eyeing strong growth
"You obviously need to be aware of competition and you cannot ignore them in an environment like ours," said Sushant Dash, CEO of Tata Starbucks, the joint venture that operates Starbucks in India. "But what is more important is you do what you are good at, and if you do it consistently, doing it as per what the consumer requirements are, you will get your fair share. We don't need to worry about that as long as we appeal to the right audience, we do the right things and we have consumers
Specialty coffee startup Blue Tokai raises $30 million in funding led by A91 Partners
Blue Tokai’s latest capital raise comes on the back of other new age specialty coffee firms also drawing increased consumer and investor interest.
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