Delhi- based Blue Tokai Coffee Roasters said it has raised Rs 17 crore in a pre-series B led by Anicut Angel Fund, the equity arm of Anicut Capital, with the participation of other new and existing investors.
The platform will use the grant to introduce new products, develop farm-level interventions to improve quality, expand internationally and market.
Blue Tokai was launched in Gurugram in 2012 in response to the unavailability of fresh and high-quality coffee. It was started to source, roast and highlight Indian speciality in contrast to the instant coffee or filtered coffee that is widely available in the country.
The company kicked off the business by selling their coffee online in partnership with B2B and later on looked to provide the complete in-house coffee experience through their cafes, now spread across major cities like Delhi-NCR, Mumbai, Kolkata, and Hyderabad.
Amidst the deadly pandemic, Co-founders Matt Chitharanjan, Namrata Asthana, and Shivam Shahi rethought their efforts on their online business to increase their reach and have now expanded their online business to make their coffee a household name in the country.
Speaking about the fundraising, Matt Chitharanjan, Co-founder at Blue Tokai Coffee Roasters, said, “We’ve been omnichannel in our approach since the very early stages of our business. Our mission has always been very simple – make high-quality coffee more accessible – regardless of where, when and how you drink your coffee, we want to give the option of having high-quality Indian coffee. Cafes were an important part of that mission, but like many brands, COVID-19 completely upended the economics of that business. “
“We were fortunate to already have a strong D2C presence and by refocusing our efforts on our online sales channels, we’ve been able to grow our revenue nearly 50 percent more than our pre-covid peak,” he added.
Ashvin Chadha, Co-founder of Anicut Angel Fund, said, “We have been extremely impressed by Blue Tokai’s story of starting a coffee business in India, how they chose the farms they work with today, their roasteries and more, to be able to set the tone for the culture they’re about to make their customers experience.”