India's new-age coffee chains race to scale cafes despite deep losses; Blue Tokai eyes IPO
Blue Tokai plans 240-to-800 outlets by FY30, Third Wave targets 100 new cafes in FY26 and NBC runs 114 across 45 cities—even as accumulated losses mount (Third Wave Rs 320 cr, Blue Tokai Rs 175 cr). Investors back improving unit economics, grab-and-go formats and a tea-to-coffee consumption shift.
India's new-age coffee chains—Third Wave, Blue Tokai, NBC, Subko—accelerate cafe expansion despite mounting losses, as investors back improving unit economics, compact grab-and-go formats and a shift from tea to coffee consumption. Blue Tokai eyes eventual IPO.