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The investment follows Blue Tokai’s $30m funding round in January 2023 | Photo credit: Blue Tokai Coffee Roasters
Indian specialty coffee roaster and café chain Blue Tokai Coffee Roasters has raised $35m in a Series C funding round led by Brussels-based venture capital firm Verlinvest.
In a press release, Verlinvest said its ‘significant stake’ in the Gurgaon-based business will enable Blue Tokai to open more than 220 new stores over the next three years – targeting expansion into new first- and second-tier Indian cities. If achieved, 130-store Blue Tokai will reach 350 outlets by 2028.
“We are thrilled to partner with Blue Tokai in their mission to bring specialty coffee to millions across India. Matt, Namrata and Shivam [Blue Tokai co-founders] 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,” said Arjun Anand, Managing Director & Head of Asia, Verlinvest.
Founded in 2013, Blue Tokai reached 100 stores across India in March 2024 and opened its first international venue in Tokyo, Japan, in the following July.
In January 2023, the specialty coffee operator, wholesaler and direct-to-consumer business raised $30m in a Series B funding round.
“We will utilise these funds to accelerate our expansion across all channels – from our own cafés to B2B and B2C 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,” said Matt Chitharanjan, CEO, Blue Tokai.
Established in 1995, Verlinvest holds over €2bn ($2.2bn) in Assets under Management (AuM) and an investment portfolio focused on the FMCG, health, consumer technology and lifestyle sectors.
The firm counts Indonesian coffee chain Kopi Kenangan, US bakery chain Insomnia Cookies, Swedish oatmilk manufacturer Oatly, packaged beverage brand Vita Coco and Dutch chocolate business Tony’s Chocolonely among its other investments.
