India, April 26 -- Bengaluru-based QSR coffee chain Third Wave Coffee Roasters' loss nearly quadrupled in the financial year ended March 31, 2023. The startup reported a net loss of INR 54.3 Cr in FY23, an increase of 272% from INR 14.6 Cr in the previous fiscal year.

Founded in 2017 by Ayush Bathwal, Anirudh Sharma and Sushant Goel, the startup currently operates over 100 stores across the country. It also sells coffee products through its own website and ecommerce marketplaces.

The startup's loss increased despite its sales surging 356% to INR 144.4 Cr in FY23 from INR 31.7 Cr in the previous year. The increase in operating revenue can be attributed to the growth in the number of retail outlets operated by the startup.

Third Wave Cof...