Verlinvest, a global investment platform, has led a $35 million round in Blue Tokai, a specialty coffee and confectionary brand. Existing investors Anicut Capital and A91 Partners also participated in the Series C funding.
This strategic partnership will allow the company to expand into new tier I and tier II cities in India and further establish its presence in existing metro markets over the next three years.
A91 Partners led the $30 million Series B funding round that Blue Tokai completed in January 2023.
Blue Tokai, which is overseen by co-founders Matt Chitharanjan, Namrata Asthana, and Shivam Shahi, has collaborated with a variety of entities, including luxury hotels, restaurants, co-working spaces, and retail outlets.
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The company asserts that its store count has increased by over twofold to 130 outlets in the past year. Additionally, the funds will be allocated to the expansion of the business to more than 350 locations within the next 30-36 months.
In FY23, Blue Tokai’s revenue from operations increased by 72% to Rs 127.45 crore from Rs 74 crore in FY22. TheKredible, a startup data intelligence platform, also reported that its losses increased by nearly 3.5 times to Rs 43 crore in FY23, compared to Rs 12.3 crore in FY22. The company has not yet submitted its annual report for the fiscal year 2024.
About Blue Tokai
Founded in 2013 by Matt Chitharanjan and Namrata Asthana, Blue Tokai Coffee Roasters is India’s largest and fastest-growing specialty coffee brand, with its headquarters in Gurgaon, India.
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