New venture capital start-up funding brings Gurgaon-based Blue Tokai Coffee Roaster’s investment to an estimated $38m since the start of 2023
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The interior of Blue Tokai’s Kolkata store – its 100th in India | Photo credit: Blue Tokai Coffee Roasters
Delhi-based venture capital firm 12 Flags Group has invested an undisclosed sum in Blue Tokai Coffee Roasters – its first investment in India.
12 Flags Group was founded by former Reckitt Benckiser Global CEO Rakesh Kapoor in late 2022. Kapoor then launched the 12 Flags India Consumer Fund last year to invest in early growth, consumer-oriented businesses.
“Blue Tokai is a pioneer in India’s specialty coffee market, transforming the coffee experience for our country. Their commitment to providing outstanding specialty coffee and a strong cafe culture is consistent with our aim for this category,” 12 Flags Group said on LinkedIn.
Gurgaon-based specialty coffee roaster and café chain Blue Tokai raised $30 million in Series B funding last year led by A91 Partners, Anicut Capital and 8i Ventures. The business also received funding from Indian actress and entrepreneur Deepika Padukone via her investment firm Ka Enterprises in September 2023.
The Ka Enterprises and 12 Flags Group investments bring Blue Tokai Coffee Roaster’s total raise to approximately $38m.
“We’re excited to announce that 12 Flags has joined our cap table. They bring extensive experience in building brands and distribution and we look forward to having them be part of our journey in creating one of India’s leading coffee and bakery companies,” said Matt Chitharanjan, Co-Founder, Blue Tokai Coffee Roasters.
Founded in 2013, Blue Tokai Coffee Roasters reached 100 stores across India with a new outlet in Kolkata in March 2024. The specialty coffee roaster is seeking to reach 200 sites within the next 12-18 months.