Blue Tokai Coffee Roasters secures US$25M bridge funding to accelerate expansion 

INDIA – India’s Blue Tokai Coffee Roasters has raised US$25 million in a bridge funding round to accelerate its domestic expansion and international growth plans.  

The announcement comes just a year after the specialty coffee chain secured US$35 million in a Series C round led by Verlinvest. 

The fresh capital will be deployed to strengthen retail operations in India, expand roasteries and bakery facilities in Bengaluru and Gurugram, and support the company’s entry into Dubai and its ongoing expansion in Japan. Domestically, the brand plans to open more cafés to meet rising demand for premium coffee. 

Founded in 2013 by Shivam Shahi, Matt Chitharanjan, and Namrata Asthana, Blue Tokai currently operates four roasteries and more than 150 cafés across major Indian cities, including Delhi NCR, Mumbai, Bengaluru, and Hyderabad.  

The company has grown more than fivefold in the past four years, with revenue rising from Rs 41 crore (US$4.7M) in FY21 to Rs 216 crore (US$24.5M) in FY24. 

However, its rapid expansion has also widened losses. Net loss in FY24 increased 46% to Rs 62.9 crore (US$7.1M), largely due to higher operating costs linked to its aggressive growth strategy. Despite this, the founders remain optimistic, pointing to sustained consumer demand and expanding market opportunities. 

Co-founder and COO Shivam Shahi said the company has revised its growth targets. “We are on track for our initial plan of Rs 1,000 crore (US$113.6M) in revenue and Rs 100 crore (US$11.4M) EBITDA by 2027, but with recent market response, we have revised our plans to accelerate growth and have started thinking about 800+ stores and Rs 2,000 crore revenue in the next four years,” he explained. 

Since early 2023, Blue Tokai has raised nearly US$100 million across multiple funding rounds, including a US$30 million Series B in January 2023 and a US$35 million Series C in September 2024.  

The company’s latest round reflects continued investor confidence in its vision to elevate India’s coffee culture on a global scale. 

Co-founder and CEO Matt Chitharanjan said, “We believe in not just building a brand but creating a legacy that elevates India’s coffee culture on the world stage. This new round of funding is a testament to our vision of making India a true coffee destination worldwide.” 

In July 2025, the company signed a master franchise agreement with Ambrosia Gulf to expand into the Middle East, beginning with a flagship store in Dubai expected to launch in the last quarter of 2025. 

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