Blue Tokai Secures $35 Million Funding from Verlinvest to Accelerate Expansion
- ByStartupStory | September 4, 2024
Blue Tokai, one of India’s premier specialty coffee and bakery brands, has successfully raised $35 million in a Series C funding round led by Verlinvest. The investment aims to strengthen Blue Tokai’s retail footprint across major metropolitan areas and facilitate its expansion into Tier I and Tier II cities throughout India over the next three years. The funding round also saw participation from existing investors, Anicut Capital and A91 Partners.
Since its inception in 2013, Blue Tokai has been a pioneer in India’s specialty coffee movement. Under the leadership of co-founders Matt Chitharanjan, Namrata Asthana, and Shivam Shahi, the brand has experienced significant growth, more than doubling its store count in the past year to 130 outlets. The recent investment will enable the company to expand its number of locations to over 350 within the next 30 to 36 months. The funds will also support innovation in coffee products and enhance Blue Tokai’s presence across various retail channels.
Arjun Anand, Managing Director and Head of Asia at Verlinvest, expressed enthusiasm about the partnership: “We are thrilled to partner with Blue Tokai in their mission to bring specialty 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.”
Matt Chitharanjan, Co-Founder and CEO of Blue Tokai, shared his excitement about the new funding: “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. Our focus remains on providing exceptional coffee experiences while fostering sustainable growth.”
Verlinvest, known for scaling consumer brands in India such as Lahori, Epigamia, Heads Up For Tails, and Wakefit, is reinforcing its commitment to the Indian retail market with this investment. The partnership with Blue Tokai aligns with Verlinvest’s strategy of supporting high-quality food and beverage brands globally, reflecting its focus on strong growth opportunities within India’s consumer ecosystem.
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