Belgian investment firm Verlinvest has made a strategic investment of $35 Mn (INR 293.6 Cr) in specialty coffee retailer Blue Tokai Coffee Roasters
The coffee chain has also raised an undisclosed amount from its existing investors like Anicut Capital and A91 Partners in a Series C round
Blue Tokai plans to deploy the fresh proceeds to expand to over 350 locations in the next 30-36 months, drive new product innovation and branch out into new channels
Belgian investment firm Verlinvest has made a strategic investment of $35 Mn (INR 293.6 Cr) in specialty coffee retailer Blue Tokai Coffee
Roasters.
The coffee chain has also raised an undisclosed amount from its existing investors like Anicut Capital and A91 Partners in a Series C funding round.
The company further said in a statement that the fundraise catapulted its valuation to INR 1,500 Cr (around $179 Mn).
Blue Tokai plans to deploy the fresh proceeds to expand to over 350 locations in the next 30-36 months, drive new product innovation and branch out into new channels.
The specialty coffee brand was founded in 2013 by Matt Chitharanjan, Namrata Asthana and Shivam Shahi. It operates 4 roasteries and over 120 physical outlets in Delhi NCR, Mumbai, Bangalore, Hyderabad, Kolkata, Chandigarh, Mohali and Pune, among others, in India. It also has a presence in Tokyo, Japan.
On the B2B front, Blue Tokai also has partnerships with different retail outlets across India, luxury hotels and restaurants, top corporates and co-working spaces, among others.
Chitharanjan said, “With this latest funding, we have the opportunity to bring our passion for coffee to even more people. We will utilize these funds to accelerate our expansion across all channels – from our own cafes 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,” he added.
With the current round of funds raised, the company aims to lead the quick service restaurant market, largely dominated by brands such as Café Coffee Day, Third Wave Coffee and global brand Starbucks.
In the last one year, Blue Tokai Coffee Roasters has raised funds from investors such as Deepika Padukone and Reckitt Benckiser’s former global CEO Rakesh Kapoor.
Earlier last year, the specialty coffee brand startup raised $30 Mn in its Series B funding round led by A91 Partners.
Meanwhile, its Bengaluru-based competitor brand Third Wave Coffee bagged $35 Mn in a Series C funding round led by private equity firm Creaegis, at a valuation of $150 Mn, in September last year.
