Chaayos is a New Delhi-based chai cafe chain that has raised $53 million in its Series C round. This funding round was led by Alpha Wave Ventures, Elevation Capital, Tiger Global Management, and Think Investments.
The startup is planning to utilize the fresh funding capital in the following ways:
- For tech enhancement,
- Hiring employees, and
- To store expansion.
Chaayos was founded by Nitin Saluja and Raghav Verma in the year 2012. In the current scenario, the startup has around 190 stores across 6 cities and is now planning to include 100 more stores by the end of this current year.
The guests at Chaayos can personalize their fresh cup of tea in 80,000 combinations.
The company’s AI platform helps a seamless guest experience, and facial recognition properties, and software faster checkouts and payments.
EXECUTIVE OPINION:
Nitin Saluja, Founder, and CEO, of Chaayos, said, “Very early on in our journey, we took a 50-year view on the chai market and decided to take a technology-first approach to build a chai brand."
The latest capital raise will help us deepen our technology investments to further enhance our guest experience... We will continue growing our cafe footprint, going deeper into our existing cities, and exploring new markets. We are also continuously on the lookout to hire talent to handle the scale we aspire for", he added
Deepak Gaur, Partner, Elevation Capital, mentioned, “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.”
“We are excited to partner with Chaayos. Its 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," mentioned Navroz Udwadia, Co-founder, of Alpha Wave Global.
