Chaayos News: Chaayos raises $ 53 million for business expansion

Tea cafe chain Chaayos on Thursday said it has raised $ 53 million (about Rs 414 crore) for tech-enhancement, hiring and store expansion as it plans to add 100 stores by the end of this year. The company said the funding round was led by Alpha Wave Ventures participating with all existing investors – Elevation Capital, Tiger Global and Think Investments.

“New funds will be used for tech-enhancement, hiring and store expansion,” it said in a statement.

Founded by Nitin Saluja and Raghav Verma in 2012, Chaayos runs 190 stores across 6 cities and plans to add another 100 by the end of 2022.

At Chaayos, guests can personalize their fresh cup of ‘chai’ in 80,000 combinations and Chaayos IoT-enabled tea boats called Chai Monks, making this possible.

It said the company’s facial recognition software enables faster checkouts and payments.

“The latest capital raise will help deepen our technology investments and further enhance our guest experience and build an ubiquitous brand that is an integral part of Indian society’s coming to last decades.

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“As always, we will continue to grow our cafe footprint and go deeper into the cities we are currently in and explore new markets. We are also constantly looking at the talent to hire talent to handle the scale that we aspire for,” Saluja said.

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

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