Saturday, June 3, 2023

Coffee brand Blue Tokai raises $30M in a Series B round led by A91 Partners, others

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Coffee brand Blue Tokai Coffee Roasters has raised $30 million in a Series B funding round led by A91 Partners, with participation from White Whale Ventures and existing investors, including Grand Anicut Fund, 8i Ventures, and a few family offices.

The startup said the latest round marks the largest investment raised by any coffee brand in the Indian specialty coffee industry.

The brand plans to use the raised capital to scale the business and expand its presence in the specialty coffee markets globally.

Additionally, It is working to introduce a set of new FMCG products, further strengthening its customer experience and supporting small-scale independent farmers to stay true to its commitment to ethical sourcing.

Founded in 2013 by Matt Chitharanjan, Namrata Asthana, and Shivam Shahi, Blue Tokai operates through three channels: cafe stores, marketplaces & its website, and B2B channels.

The brand claims to have four roasteries and over 60 physical outlets, including Delhi (NCR), Mumbai, Bengaluru, Kolkata, Chandigarh, and Pune, as well as international operations in Japan. It plans to add 200 new stores, taking the overall count to over 250 cafes.

Matt Chitharanjan, cofounder and CEO of Blue Tokai Coffee Roasters, said, “We are focussed on growing our presence across all of our channels, including our own cafes as well as our B2C and B2B offerings. 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!”

Commenting on the investment, Abhay Pandey, General Partner at A91 Partners, said, “Blue Tokai is a rare combination of relentless product passion and focus coupled with excellent execution. This is the context of the massive coffee-led QSR market opportunity is a compelling partnership opportunity for us.”

From the competition side, It has rivals, including Rage Coffee, Third Wave Coffee Roasters, Slay Coffee, Sleepy Owl, and Seven Beans Co., among others.

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