Blue Tokai, one of India’s leading specialty coffee and bakery brands, has raised $35 million (or roughly Rs 293 crore) in a Series C funding round. funds round.
Verlinvest, a family-backed global investment firm, led the round, with participation from existing investors Anicut Capital and A91 Partners.
Verlinvest, which has offices in Brussels, London, New York, Singapore and Mumbai, focuses on FMCG, healthcare, consumer technology and lifestyle categories.
Focusing on further expansion
Blue Tokai plans to use the capital raised to deepen its presence in existing metro markets and expand into new Tier I and II cities in India over the next three years.
The company currently operates 130 outlets and plans to expand to more than 350 locations, drive new product innovation and explore new distribution channels.
“With this latest funding, we have the opportunity to bring our passion for coffee to more people. We will use these funds to accelerate our expansion across all channels, from our own coffee shops to B2B and B2C platforms,” said Matt Chitharanjan, Co-Founder and CEO of Blue Tokai.
Chitharanjan said the company will introduce innovative coffee products through new producers to reach more customers with a wider range of offerings.
“Our focus remains on delivering exceptional coffee experiences while fostering sustainable growth,” he added.
Who are the founders?
Founded in 2013 by Matt Chitharanjan, Namrata Asthana and Shivam Shahi, Blue Tokai currently offers a variety of specialty coffee products and artisan baked goods.
“We are delighted to partner with Blue Tokai on their mission to bring specialty coffee to millions of people across India. Matt, Namrata and Shivam have brilliantly built a cult brand known for its exceptional products and customer experience. Together, we are committed to elevating Blue Tokai to new heights, creating India’s leading coffee chain and delighting consumers with unparalleled quality and service,” said Mr. Arjun Anand, CEO & Head of Asia, Verlinvest.
“We are experiencing a significant increase in demand for quality coffee and baked goods, and this round of funding further validates our hypothesis about market growth. We have been adding five cafes every month consistently for over a year, and this capital equips us to meet our three-year target of 350+ cafes in India,” said Shivam Shahi, Co-Founder and COO of Blue Tokai.
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