Chaayos Raises $53 Million In Series C Funding
The fresh funds will be used for tech enhancement, hiring and store expansion
By Teena Jose •
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Chaayos, chai café chain, has raised $53 million in Series C funding round led by Alpha Wave Ventures. The round also witnessed participation from existing investors including Elevation Capital, Tiger Global and Think Investments. The newly raised funds will be used for tech enhancement, hiring and store expansion.
"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. Like always, we will continue to grow our café footprint and grow deeper into the cities we are present in and explore new markets. We are also continuously on the lookout to hire talent to handle the scale that we aspire for," said Nitin Saluja, founder and CEO, Chaayos.
At Chaayos, guests can personalize their fresh cup of chai in 80,000 combinations. The café currently runs 190 stores across 6 cities and plans to add 100 more by the end of 2022. Also, the Chaayos online chai deliveries now account for 45 per cent of revenue, claimed by the company in a statement.
"We are excited to partner with Chaayos as the team has been able to deliver personalized tea consistently well at scale through proprietary systems and technology. We are impressed by the team's customer obsession, which is visible in its best-in-class unit economics and customer NPS," said Navroz Udwadia, co-founder, Alpha Wave Global.
Founded in 2012 by Nitin Saluja and Raghav Verma, Chaayos is a food and beverages company. The company's AI platform enables a seamless guest experience. The platform's omni-channel approach helps guests in order chai when they cannot visit Chaayos café.
