Chaayos, a multicity chain of tea cafes company, announced that it has raised $21.5 million funding led by Silicon Valley-based Think Investments. Existing investors SAIF Partners, Tiger Global and others also participated in the fresh funding round, including a $3 million debt investment from Innoven Capital. Earlier, Chaayos had raised $20 million in funding.
According to a media report, Nitin Saluja, Founder of Chaayos, commented on the funding, “We will use the capital…to do three things – open new stores, building technology and in hiring. We’ve also picked up some debt, as a business like ours where stores make a profit, servicing debt makes sense.”
Chaayos has plans to open 300 stores from 80 currently over the next three years to boost expansion. The company said it will have 100 stores by the end of the current fiscal year. Saluja said the company would grow revenue by 60% in the current financial year, without disclosing the revenue number.
Currently, the company has 8 stores in Bengaluru, and 72 in Delhi and Mumbai combined. The company claims to serve over 1.7 million customers, with the average repeat rate of ordering tea standing at 3.5 times a month.
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