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Chaayos raises $53 million to improve technology, expand store and hire more

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Leading “chai” (tea) cafe chain Chaayos announced Thursday that it has raised $53 million in Series C financing led by Alpha Wave Ventures. The company said it will use the money for technology improvements, hiring and store expansion.



The latest round saw participation from existing investors Elevation Capital, Tiger Global and Think Investments.

Founded in 2012 by Nitin Saluja and Raghav Verma, Chaayos has 190 stores in six cities and plans to add 100 more by the end of this year.

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“The latest capital raise will help us deepen our technology investments to further enhance our guest experience and build a ubiquitous brand that will be an integral part of Indian society for decades to come,” said Saluja, Founder and CEO.

“We are also constantly looking for talent to be able to handle the scale we aspire to,” he added.

At Chaayos, people can personalize their cup of tea in 80,000 combinations with IoT-enabled tea bots called ‘Chai Monks’,

What started as a niche use case, Chaayos online Chai deliveries now account for 45 percent of revenue, the company said.

“A unique combination of innovations in food and beverage offerings, strong leverage of technology solutions and an obsession for customer satisfaction has positioned Chaayos as a clear leader in their industry,” said Deepak Gaur, Partner, Elevation Capital.

“We are impressed with the team’s customer obsession, which is evident in the best unit economy and customer NPS,” added Navroz Udwadia, co-founder of Alpha Wave Global.

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