India’s tea café chain Chaayos has raised $53m through Series C funding round to support its expansion plans in the country, according to a report of IANS posted on Business Standard.
The funding round was led by Alpha Wave Ventures and saw participation from all existing investors, including Elevation Capital, Tiger Global and Think Investments.
The chain will use the proceeds from the round for technological enhancements as well as team and store expansions.
Set up in 2012 by Nitin Saluja and Raghav Verma, Chaayos currently operates 190 stores across six Indian cities.
CEO Saluja was quoted by the news agency as saying: “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.
“We are also continuously on the lookout to hire talent to handle the scale that we aspire for.”
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The café chain plans to add 100 more outlets by the end of the year.
Chaayos allows its customers to personalise their cup of tea. It offers 80,000 tea combinations through its Internet of Things (IoT)-enabled tea bots, called ‘Chai Monks’.
The café chain said its online deliveries now account for 45% of its revenues.
Elevation Capital partner Deepak Gaur said: “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.”