Chaayos Raises $53 Million In Funding Round Led By Alpha Wave Ventures
Chaayos, founded by Nitin Saluja and Raghav Verma, will use the funding to increase its number of stores and for hiring.
Chaayos has raised $53 million (about Rs 400 crore) in a funding round led by Alpha Wave Ventures, along with participation of existing investors Elevation Capital, Tiger Global and Think Investments.
The fresh capital will be used for hiring and expansion, as well as "tech enhancement", according to a statement on Thursday.
Founded in 2012 by Nitin Saluja and Raghav Verma, Chaayos runs 190 stores across six cities in India. It plans to add 100 more by the end of 2022. Customers can personalise their tea in 80,000 combinations using Internet of Things-enabled tea bots called Chai Monk. The company's facial recognition software enables faster checkouts and payments.
“The latest capital raise will help us deepen our technology investments to enhance our guest experience and build a ubiquitous brand that is an integral part of the Indian society over decades to come," Saluja said.
Deepak Gaur, partner at Elevation Capital 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.”