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Blue Tokai Coffee | Revenue up 50% in FY2025, loss narrowed by 20%

2026.03.26

Article summary

Blue Tokai Coffee Roasters is a specialty coffee chain founded in Gurugram in 2013. Its founders are Matt Chitharanjan, Namrata Asthana, and Shivam Shahi. It buys single-origin beans from growing areas across India and expanded from D2C subscriptions into cafés. Operating revenue for FY2025 (the year ended March 2025) rose 50% to ₹325 crore from ₹216 crore (1 crore = 10 million rupees) the year before, and the net loss narrowed 20.6% from ₹63 crore to ₹50 crore. Outlets number more than 160 on a disclosed basis (sources range from 164 to 175), with four roasteries and an outlet in Tokyo as well. Total funding runs from $102.8M to more than $110M, and it took a 25 million dollar bridge round during FY2025.

This article is based on what we could verify As of September 19, 2026 This page is based on the disclosures and news reports from each company that we were able to confirm as of that date. Amounts in the text follow the notation commonly used in India, with ₹1 crore = 10 million rupees, and yen figures are approximations calculated at a little over 1.7 yen to the rupee. Store counts, funding raised, and results at Indian companies change over short periods, so when making a business decision, please check the latest information in primary sources such as each company's own announcements.

Blue Tokai Coffee Roasters is a chain that has widened the shelf for specialty coffee in India. Operating revenue for FY2025 (the year ended March 2025) rose 50% year on year to ₹325 crore, and the net loss narrowed to ₹50 crore.

Company profile

Legal name	Blue Tokai Coffee Roasters
Year founded	2013
Headquarters	Gurugram (Haryana)
Founder	Matt Chitharanjan (CEO), Shivam Shahi, Namrata Asthana
Number of stores	More than 160 outlets on a disclosed basis (sources and dates vary from 164 to 175). Four roasteries, and an outlet in Tokyo as well
Official website	bluetokaicoffee.com

History and growth

It started in 2013 from a small roastery in Gurugram. Buying single-origin beans from growing areas across India such as Karnataka and Tamil Nadu, it first gathered customers through D2C subscriptions. On that base it added cafés, and it has opened in Tokyo as well. Its investors include Verlinvest, A91 Partners, and the actor Deepika Padukone.

Operating revenue for FY2025 (the year ended March 2025) was ₹325 crore, up 50% from ₹216 crore the year before. Total income including other revenue was ₹332.7 crore. The net loss narrowed 20.6% from ₹63 crore the year before to ₹50 crore, but the company is still spending 1.18 rupees for every rupee of income. The EBITDA margin is minus 3.69%.

Total funding is put at anywhere from $102.8M to more than $110M depending on who is counting. During FY2025 it took a 25 million dollar bridge round from existing investors. It has 1,204 employees. The company has set a target of 800 outlets and revenue of ₹2,000 crore by FY2027.

Main menu and brands

Alongside single-origin and blended coffee beans and espresso drinks, retail sales of beans and ground coffee (FMCG) have become a second pillar. Because that revenue is not tied to the number of café seats, volume can grow without adding outlets. From the point of view of a Japanese roaster, this is a company that keeps in house the whole process of gathering specialty-grade beans from Indian growing areas and roasting them.