Global investment firm Verlinvest has acquired a significant stake in Blue Tokai, India’s speciality coffee and bakery brand, following a $35m investment.
The investment was made via a Series C funding round which also included contributions from existing investors Anicut Capital and A91 Partners.
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Blue Tokai was founded in 2013 by Matt Chitharanjan, Namrata Asthana and Shivam Shahi. It has recently seen substantial growth, doubling its store count to 130 outlets.
The investment will enable Blue Tokai to enhance its footprint in current metropolitan markets and venture into new Tier I and II cities across India up to 2027.
Verlinvest managing director and head of Asia Arjun Anand said: “We are thrilled to partner with Blue Tokai in their mission to bring speciality coffee to millions across India. Matt, Namrata and Shivam have brilliantly crafted 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.”
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By GlobalDataThe funds are also earmarked for a significant expansion, with plans to increase the number of locations to more than 350.
The capital will be used by the coffee and bakery brand for product development and broadening distribution channels.
Blue Tokai co-founder and CEO Matt Chitharanjan said: “With this latest funding, we have the opportunity to bring our passion for coffee to even more people. We will utilise these funds to accelerate our expansion across all channels – from our own cafes to B2B [business-to-business] and B2C [business-to-consumer] platforms.
“By introducing innovative coffee product offerings through new producers, we will enable ourselves to reach new consumers with varied offerings and continue delivering consistent coffee experiences.
“Our focus remains to providing exceptional coffee experiences while fostering sustainable growth.”
In March 2024, Blue Tokai opened its 100th café, which is in Kolkata, West Bengal.
Located in the Ballygunge area, the new café offers a range of high-quality hot and cold drinks.
