he Start-up has set-up its tea cafes in cities such as Delhi-NCR, Mumbai and other cities
Chaayos, a tea cafe chain founded by IIT Mumbai alumnus along with IIT Delhi graduate Raghav Verma and Nitin Saluja in 2012 has raised $ 2 million from existing investor Tiger Global management. The Start-up has set-up its tea cafes in cities such as Delhi-NCR, Mumbai, Chandigarh and Karnal.
One of Founder of chaayos Raghav Verma said “Chaayos has recently raised funds from its main investor Tiger Global. The funds were raised through a rights issue, which was closed a few weeks ago. Tiger Global invested close to $2 million in the company in the round. A few individuals also participated in the round. The funds will be used by Sunshine Teahouse for expanding the chain of tea cafes, which it runs under the Chaayos brand. Another tea cafe chain, Chai Point, also raised some funds from its existing investors a couple of months ago and thus this fund-raise should help Chaayos keep up with the competition.”
Nitin Saluja, another founder said “Being the leader of the chai cafe market, we have continuously improved customer experience by investing heavily in product development, technology and service. Chaayos is growing rapidly to reach the 50-cafe mark by end of this month. In the current financial year, Chaayos is well on its way to nearly tripling its revenues by growing to 70 cafes. This growth is coming on the back of strong same store sales growth and high customer repeat, thus making us cash-positive. Tiger has been a very supportive partner on this journey because of strong fundamental growth. Tiger Global first invested in Chaayos in May 2015, when it made a bet of $5 million on the tea cafe chain”.