Restaurant India News: Blue Tokai Raises Rs 175 Crore in Series D Extension, Valuation Hits $235 Million

Blue Tokai Coffee Roasters is raising Rs 175 crore ($19 million) as part of an extension to its Series D funding round, with Anicut Capital leading the investment and participation from A91 Emerging Fund, Verlinvest, 12 Flags, and other investors.

According to regulatory filings accessed via Entrackr, the company’s board has approved a special resolution to issue 6,194 Series D2 preference shares at an issue price of Rs 2,82,549 each to raise the capital.

Anicut Capital is contributing Rs 50 crore to the round. A91 Emerging Fund, Verlinvest, and 12 Flags are investing Rs 35 crore, Rs 30 crore, and Rs 20 crore respectively, while Concatenate Advest, Prudent Advisors, Rama Advisors, Waterfield Fund, and Bhoruka Supply Chain will account for the remaining portion.

Based on Entrackr’s estimates, the transaction values the company at approximately $235 million post-money, reflecting continued investor interest in India’s premium café segment.

The company has raised more than $130 million so far, including a $25 million Series D bridge round backed by existing investors such as A91 Partners, Anicut, Verlinvest, and 12 Flags. A report by Mint indicated that White Whale Ventures also participated in the round. Post-investment, A91 Partners is expected to hold a 23.51 percent stake, followed by Verlinvest with 14.62 percent.

Blue Tokai operates over 175 cafés across India and is preparing to enter international markets including Dubai and Japan, signalling a shift from domestic scale to global positioning.

The company reported a 50 percent year-on-year increase in revenue to Rs 325 crore in FY25, while narrowing its losses by 20.6 percent to Rs 50 crore during the same period. The company has not yet reported its FY26 annual results.