Blue Tokai Coffee Roasters, a specialty coffee brand, has raised $30 million in a Series B funding round at an undisclosed valuation. The round was led by A91 Partners and also saw participation from existing investors such as Grand Anicut Fund and 8i Ventures.
The company will use the funds to scale the business and expand its global presence in specialty coffee markets, it said in a statement. In addition, the company is working toward the introduction of new FMCG products.
Blue Tokai Coffee Roasters was founded in 2013 by Matt Chitharanjan and Namrata Asthana as a roastery. The brand now has four roasteries and over 60 physical outlets in major Indian cities and regions, including Delhi NCR, Mumbai, Bangalore, Hyderabad, Kolkata, Chandigarh, Mohali, and Pune. It also has international operations in Japan.
This space has been heating up in recent years, with the entry of a number of domestic brands as well as international brands. Blue Tokai competes with Third Wave Coffee Roasters, Slay Coffee, Sleepy Owl Coffee, Hatti Kaapi, and other chains such as Cafe Coffee Day and Starbucks.
“We are focussed on growing our presence across all of our channels, including our own cafes as well as our B2C and B2B offerings,” said Chitharanjan, co-founder and CEO of Blue Tokai Coffee Roasters.
“In the coming 3 years, we plan to showcase the work done by ~100 new specialty coffee producers, thus enabling a far more diverse product offering at Blue Tokai. New products, services and farm-level interventions that will further transform the coffee-drinking preferences in the country are making their way to you soon,” he added.
Shivam Shahi, co-founder and COO, Blue Tokai Coffee Roasters said, “Over the next 3 years, we plan to add 200 new stores, taking our overall count to well over 250 cafes. We will also be investing in our B2B arm, bringing new technology for our partners through our machine offerings. We look forward to taking India’s finest coffee experience to many more consumers in the coming years and what better way than 10 years of Blue Tokai to welcome more people into the fold of specialty coffee.”
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