Chaayos raises $53 mn to expand stores, hire talent
"Chai" (tea) cafe chain Chaayos on Thursday announced it has raised $53 million in Series C funding led by Alpha Wave Ventures.
Leading "chai" (tea) cafe chain Chaayos on Thursday announced it has raised $53 million in Series C funding led by Alpha Wave Ventures. The company said it will use the money for tech-enhancement, hiring and store expansion.
The latest round saw participation from existing investors Elevation Capital, Tiger Global and Think Investments.
Founded in 2012 by Nitin Saluja and Raghav Verma, Chaayos runs 190 stores across six cities and plans to add 100 more by the end of this year.
"The latest capital raise will help us deepen our technology investments to further enhance our guest experience and build a ubiquitous brand that is an integral part of Indian society over decades to come," said Saluja, Founder and CEO.
See Zee Business Live TV Streaming Below:
"We are also continuously on the lookout to hire talent to handle the scale that we aspire for," he added.
At Chaayos, people can personalise their cup of tea in 80,000 combinations with IoT-enabled tea bots called `Chai Monks`,
Which started off as a niche use case, Chaayos online Chai deliveries now account for 45 per cent of revenues, said the company.
"A unique combination of innovations in food and drinks offerings, strong leverage of technology solutions and obsession over customer satisfaction has positioned Chaayos as a clear leader in their space," said Deepak Gaur, Partner, Elevation Capital.
"We are impressed by the team`s customer obsession, which is visible in its best in class unit economics and customer NPS," added Navroz Udwadia, Co-founder, Alpha Wave Global.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
SBI 444-day FD vs Union Bank of India 333-day FD: Know maturity amount on Rs 4 lakh and Rs 8 lakh investments for general and senior citizens
Power of Compounding: Salary Rs 25,000 per month; is it possible to create over Rs 2.60 crore corpus; understand it through calculations
New Year Pick by Anil Singhvi: This smallcap stock can offer up to 75% return in long term - Check targets
Power of Compounding: How many years it will take to reach Rs 2 crore corpus if your monthly SIP is Rs 3,000, Rs 4,000, or Rs 5,000
Retirement Calculator: 40 years of age, Rs 50,000 monthly expenses; what should be retirement corpus and monthly investment
12:15 PM IST