Stake sale · Commerce & Consumer Brands

Temasek and ChrysCapital eye stake in Blue Tokai

By Startup Enthusiast · 31 August 2026

Date: 31 August 2026
Company: Blue Tokai Coffee Roasters
What it does: Specialty coffee chain and retailer
Kind: Stake sale
Amount: Rs 1000-1200 Cr
Stage: growth
Based in: New Delhi
Sector: Commerce & Consumer Brands

What they do

Blue Tokai operates a specialty coffee chain and sells roasted beans, capsules, and brewing equipment through its cafes and direct-to-consumer channels

What happened

Investors Temasek and ChrysCapital are in talks to acquire a stake in the company for between Rs 1,000 crore and Rs 1,200 crore

Why it matters

The company plans to use the capital to triple its store network, expand into international markets, and provide liquidity to early investors

The details

Investors Temasek and ChrysCapital are negotiating to acquire a stake in Blue Tokai Coffee Roasters.
The proposed deal values the stake at between Rs 1,000 crore and Rs 1,200 crore.
One investor may acquire a 30% to 33% stake, or the two firms may split the equity purchase.
The company intends to use the funds to triple its 240-store network across India.
International expansion plans include entering markets in Japan and the UAE.
The capital will also provide liquidity (an opportunity for existing shareholders to sell their shares) to early seed investors.

The bigger picture

The company reported FY25 revenue of Rs 325 crore with a 50% year-over-year growth rate.
Blue Tokai has achieved Ebitda-positive (earnings before interest, taxes, depreciation, and amortization) status on a monthly basis for the last six months.
Industry observers suggest ChrysCapital might explore a potential merger between Blue Tokai and Theobroma, which it acquired in 2025.

About the business

Blue Tokai operates as a specialty coffee chain with a farm-to-cup business model.
The company sells roasted coffee beans, capsules, ready-to-brew products, and equipment via its website and cafes.
It maintains a subscription service that offers customers up to 20% savings on recurring orders.
The brand acquired the bakery chain Suchali's Artisan Bakehouse in 2024 to bolster its food offerings.
The company currently operates 240 outlets and plans to open 120 new stores in the current financial year.
It aims to reach a footprint of 800 stores by the end of the 2030 financial year.

What happens next

Expand store network to 800 locations by FY2030.
Open 120 new stores in the current financial year.
Enter markets in Japan and the UAE.

The deal

Type: stake-sale

Investors

Temasek (buyer) — Singapore sovereign wealth fund.
ChrysCapital (buyer) — Private equity firm.

Founders

Matt Chitharanjan, Cofounder
Namrata Asthana, Cofounder
Shivam Shahi, Cofounder

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