Tata Starbucks plans to open around 100 Starbucks cafes in the country by next year to match up to established rivals and is building a war chest for expansion by more than trebling its authorised capital to Rs 220 crore.

The 50-50 joint venture between US cafe chain Starbucks Coffee Company and Tata Global Beverages will increase its authorised share capital from Rs 70 crore by creating additional 150 million equity shares of Rs 10 each, amounting to Rs 150 crore, the unlisted firm said in a board resolution filed last week with the Registrar of Companies.

While Tata Starbucks said it does not release financial information or future store count, its spokesperson said the company is committed to India. “The joint venture will invest over time, based on the demands of the business and the requirements of our customers, to build a strong presence in the market,” .

The US coffee chain has already signed two dozen properties, including in the suburbs of Mumbai and Bangalore, a real estate official aware with Starbucks’ expansion plans.