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Dec, 12 2017

Chai Break Bags Rs 5 crore for Its Expansion

Kolkata-based F&B start-up Chai Break has received Rs 5 crore angels funding from Mumbai's Venture Catalysts

Kolkata-based F&B start-up Chai Break has received Rs 5 crore angels funding from Mumbai's Venture Catalysts. The company plans to use the funds raised for the expansion of its chain outlets, mostly in Tier II cities.

Chai Break, founded by ALP Retail, is a bootstrapped start-up which has 11 outlets across Kolkata and Bhubaneswar as of now, each with an annual turnover of Rs 1.5 crore.

Chai Break Co-founder Anirudh Poddar said “the company plans to open outlets in Tier II cities like Patna and Ranchi. We plan to reach 10 more cities in the next 2-3 years with special focus on Tier II locations and aiming at a turnover of Rs 50 crore. Company has 300 employees as of now, which is expected to go up to 1,000 post-expansion. There are also plans to set up outlets overseas in 7-8 years.”

Other co-founder Siddarth Ladsariya said “a part of the proceeds of the funding would be utilised to set up a central kitchen at a cost of Rs 70-80 lakh, adding that their venture has been making profits since inception. All the outlets are owned and operated by the company. "Now, we want to follow the FOCO model (franchise owned and company operated)”.

Kolkata-based F&B start-up Chai Break has received Rs 5 crore angels funding from Mumbai's Venture Catalysts. The company plans to use the funds raised for the expansion of its chain outlets, mostly in Tier II cities.

Chai Break, founded by ALP Retail, is a bootstrapped start-up which has 11 outlets across Kolkata and Bhubaneswar as of now, each with an annual turnover of Rs 1.5 crore.

Chai Break Co-founder Anirudh Poddar said “the company plans to open outlets in Tier II cities like Patna and Ranchi. We plan to reach 10 more cities in the next 2-3 years with special focus on Tier II locations and aiming at a turnover of Rs 50 crore. Company has 300 employees as of now, which is expected to go up to 1,000 post-expansion. There are also plans to set up outlets overseas in 7-8 years.”

Other co-founder Siddarth Ladsariya said “a part of the proceeds of the funding would be utilised to set up a central kitchen at a cost of Rs 70-80 lakh, adding that their venture has been making profits since inception. All the outlets are owned and operated by the company. "Now, we want to follow the FOCO model (franchise owned and company operated)”.

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