Gurugram-based specialty coffee start-up Blue Tokai raised $30 million (Rs 245 crore) in an investment round led by Mumbai-based investment firm A91 Partners. The company's existing investors Grand Anicut Fund and 8i Ventures joined the funding round. Some angel investors also sell their shares in the round. 

Post-investment, the company is expected to be valued at Rs 650 crore, people aware of the development told the Economic Times (ET).

According to Shivam Sahi, the company's co-founder and chief operating officer (COO), the brand is currently present in nine cities and planning to expand to four more cities in the coming years. Additionally, it is planning to start 200 new stores in the next three years, and operates 60 stores, its founder and CEO Matt Chitharanjan told ET. 

“We started off as an online and B2B business. It was only after two years that we launched our first cafe. Having a physical outlet was important in terms of engaging with customers. As we expanded our cafe presence, we realised that having people try out different products and guide them into finding out what coffee they like, has been very beneficial for us in building the brand,” he said.

Amid the so-called 'funding winter,' Indian new-age speciality coffee start-ups raised $41.1 million, a significant rise from $11.4 million in 2021, a Tracxn report pointed out. 

Apart from Blue Tokai, other coffee brands including Third Wave Coffee Roasters and Slay Coffee, Rage Coffee, Sleepy Owl Coffee, and Hatti Kappi, have bagged investments in recent times.

Third Wave Coffee Roasters raised $20-25 million from WestBridge Capital last year, while Slay Coffee is backed by Fireside Ventures, Alteria Capital and Rebel Foods.