F&B

2 audited teardowns. Data first, narratives last.

Fintech (24)D2C (12)E-commerce (7)Consumer (3)Direct-to-Consumer (3)EdTech (3)Mobility (3)NBFC (3)Audio Streaming (2)Consumer Electronics (2)Diagnostics (2)F&B (2)Healthcare (2)Insurtech (2)P2P Lending (2)Quick Commerce (2)Auto-Tech (1)B2B (1)B2B Seafood (1)E-pharmacy (1)Edtech (1)Entertainment (1)Furniture Rental (1)Health & Wellness (1)Health Tech (1)Hospitality (1)Logistics (1)Manufacturing Marketplace (1)Payments (1)Rental Marketplace (1)Roll-Up (1)SaaS (1)Silver Jewelry (1)Social Media (1)Used Car Marketplace (1)Wealth Management (1)

Blue Tokai Coffee

Blue Tokai Scaled for Years. Losses Fell Only Now.

Blue Tokai Coffee (legal entity: Muhavra Enterprises Private Limited) grew standalone revenue 51% to ₹325.35 Cr in FY2025. For the first time in four years, losses declined: from ₹62.96 Cr in FY2024 to ₹50.22 Cr in FY2025. Revenue has compounded at over 60% per year since FY2022. The company has 1,457 employees, accumulated losses of ₹399 Cr as of FY2024, and holds a 50% stake in Origami Dripbag Private Limited.

8 min read

Read →

Third Wave Coffee

Third Wave Coffee Opened Dozens of Stores. Losses Doubled. Revenue Grew 67%.

Third Wave Coffee (legal entity: Heisetasse Beverages Private Limited) grew revenue 67% in FY2024 to ₹241 Cr. Losses also grew: from ₹54 Cr to ₹110 Cr. The company raised ₹267 Cr in equity in FY2024 alone, following ₹164 Cr the year before. FY2025 revenue reached ₹269 Cr. Net worth at the end of FY2025 was ₹251 Cr, down from approximately ₹290 Cr at the end of FY2024, suggesting losses compressed sharply to an estimated ₹38-51 Cr. The full FY2025 P&L is not separately disclosed in accessible filings.

8 min read

Read →