Toki Underground

What Toki Underground does

Toki Underground is a privately held, founder-owned ramen restaurant business operating two physical locations in the Mid-Atlantic United States. The flagship opened in 2011 at 1234 H Street NE in Washington, DC, founded by chef couple Thepthip "Thep" and Sang, and a second location opened in 2024 at 2731 Greenmount Avenue in Baltimore's Harwood neighborhood. The company is positioned as "DC's OG Ramen House," serving tonkotsu-led Japanese ramen, buns, dumplings, craft cocktails, and Japanese beer, with vegetarian, vegan, and gluten-free options and a seasonally changing menu. The restaurant has earned Michelin Bib Gourmand recognition annually since 2018 and was named 2011 Restaurant of the Year by Eater.

The business model is direct-to-consumer across dine-in, takeout, and delivery. Revenue derives from menu-item transactions at the point of sale, supplemented by takeout and delivery orders placed through the company's own website and mobile applications (iOS and Android), with reservations managed via the Resy platform. The first-party digital channel includes a rewards program intended to retain customers and bypass third-party delivery commissions. Customer segments are local diners in the DC and Baltimore metros seeking authentic Japanese cuisine and Asian-fusion options, plus convenience-focused diners using online and mobile ordering. The company is independently owned with no disclosed institutional funding, parent company, or franchise system, and operates with 11-50 employees.

Name

Toki Underground

Legal name

Toki Underground

Website

https://tokiunderground.com

Company type

Private

Founded year

2011

Operating status

Operating

Headcount range

11–50 employees

Short description

Toki Underground is a founder-owned ramen restaurant chain operating dine-in, takeout, and delivery at two locations in Washington, DC and Baltimore, serving tonkotsu-led Japanese cuisine, buns, dumplings, and craft cocktails to local diners in the Mid-Atlantic US.

Ownership category

akta.pro rank

NAICS

Full-Service Restaurants (722511)

SIC

Retail-Eating & Drinking Places (5810)

akta.pro primary industry

All-Day Dining Restaurants (THAFACAJ)

Keywords

• Japanese ramen restaurant
• Casual Asian dining
• Ramen and dumplings
• Craft cocktail bar
• Food delivery service

Headquarters

HQ city

Washington

HQ country

United States

HQ region

North America

Offices2 records

Markets served

Revenue model

1. Dine-in Restaurant Sales: Revenue from customers dining at restaurant locations in DC and Baltimore, including food, beverages, and alcoholic drinks
2. Takeout and Delivery: Revenue from online and mobile app orders for pickup and delivery, with direct ordering through the website offering fee savings and rewards benefits

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels4 records

Core offering

Toki Underground operates full-service ramen restaurants serving Japanese cuisine including signature tonkotsu ramen, buns, dumplings, craft cocktails, and Japanese beer across dine-in locations in Washington DC (since 2011) and Baltimore (since 2024). The restaurants also support online ordering via website and mobile apps, takeout, delivery, and table reservations through the Resy platform, with a direct-ordering rewards program.

Product overview

Toki Underground is a ramen restaurant chain operating two locations (DC and Baltimore) since 2011. The product portfolio centers on Japanese ramen offerings including signature tonkotsu-based dishes (Toki Classic Ramen, Mala Garlic Tonkotsu), regional variations (Tokyo Curry Ramen, Kimchi Ramen), and vegetarian options (Mushroom Shio, Shiitake Cashew Dan Dan). Supporting products include soft buns, dumplings, and a selection of craft cocktails and Japanese beer. The company offers digital ordering through a web-based platform and mobile apps for iOS and Android, powered by AppFront, with integrated table reservations via Resy. A rewards program provides free food incentives for direct website orders.

Differentiator

Problem solved

Functional benefit

Quantifiable outcome

• Michelin Bib Gourmand award recipient since 2018
• +2 more outcomes

Named customers4 records

Segments2 records

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

Feature1 record

Partnerships

One partnership is on record.

• ResyminorChannel Partner/ Reseller/ DistributorResy provides the reservation platform for both Toki Underground DC and Baltimore locations, enabling customers to book tables online

Scale indicators2 records

Recent moves5 records

Expansion highlights5 records

Direct peers

• Jinya Ramen Bar: One of the largest ramen-focused chains in the US, offering tonkotsu and other broth varieties with dine-in and takeout service. Closely comparable to Toki in core product (Japanese ramen) and limited-service/fast-casual dining model.
• Ivan Ramen: Chef-driven ramen concept by Ivan Orkin with NYC locations. Directly comparable as a premium, chef-credibility-led ramen brand with a multi-city footprint and emphasis on signature broth recipes.
• Marugame Udon: Japanese noodle fast-casual chain specializing in udon with open-kitchen, theater-style preparation. Comparable to Toki in Japanese noodle focus, fast-casual service model, and US multi-unit expansion strategy.
• Tatsu Ramen: Ramen chain operating multiple US locations with traditional and innovative broth offerings. Comparable in product category (Japanese ramen), multi-unit model, and competitive positioning in the US ramen market.

Broad incumbents

• Wagamama: International Asian noodle and bowl chain with broad menu including ramen, donburi, and curries. Comparable as a larger incumbent operating in the same Japanese-inspired noodle category with broader geographic scale than Toki.
• Haidilao: Global Chinese hot pot chain known for high-touch service and digital-enabled dining. Comparable as a large, experience-led Asian dining operator with strong brand equity — overlapping in dining format and guest experience focus.
• Sweetgreen: Tech-enabled fast-casual restaurant chain operating at scale with proprietary mobile apps, loyalty programs, and digital-first ordering. Comparable in the digital stack, loyalty-driven repeat-customer model, and fast-casual operating discipline, despite different cuisine.

Regional players

• Rakuya: Washington DC-based Japanese restaurant focused on ramen and izakaya fare. Comparable as a regional ramen competitor operating in Toki's home DC market with similar menu positioning.
• Daikaya: Washington DC Japanese restaurant by chef Katsuya Fukushima offering ramen and other Japanese dishes. Comparable as a regional Japanese dining peer in the same DC market with overlapping ramen and small-plates offerings.
• Hanuman: DC-area Asian restaurant offering Thai and pan-Asian cuisine in a chef-driven setting. Comparable as a DC-region independent restaurant competing for the same local food-lover customer segment that Toki serves.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/TokiUnderground
• Facebookfacebook.com/TokiUnderground

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Toki Underground