Mumbai, Aug. 24 -- Bengaluru-based cafe chain Third Wave Coffee has raised Rs.408 crore in a round led by existing investor Westbridge Capital, largely through a primary issuance, as it looks to expand its operations, top executives said.

The transaction, which also witnessed participation from Creaegis and other angel investors, includes a small secondary component through which a few early investors have exited some of their stake. On 26 May, Mint first reported on Third Wave's plans to raise a funding round led by the existing investors.

"Most of the capital has been primary. The secondary component involved a small percentage of share purchase from earlier founders who are not actively involved in the business or a part of the manag...