Tea Cafe Chain Chaayos raises $53 million in the funding round led by Alpha Wave Ventures
Chaayos raises $53 million and plans to add 100 more stores by the end of 2022
Nitin Saluja and Raghav Verma found Chaayos in 2012. It currently operated in 6 cities with 190 outlets. It plans to expand its business by opening 100 more stores in the country by the year’s end.
Alpha Wave Ventures led the funding round. Existing investors, including Elevation Capital, Tiger Global and Think Investment also took part in this Series C funding round.
Investment in Tech and Staff Hiring
The company plans to use the raised fund in deepening technology in its customer experience. Chaayos uses IoT-enabled tea bots called Chai Monks that help customers customize their tea cups in 80,000 combinations.
It also uses a facial recognition checkout system in the stores that make checkouts and payments faster and easier. The further investment in technology aims to build a ubiquitous brand that is an integral part of Indian society over the decades to come and to enhance the experience of the customers.
The company also plans to use the money for hiring new talent. They want to expand their presence in the country and for that, they are looking for fresh talent who can help them in this scaling-up.
Through the omnichannel approach, customers can order coffee if they can’t visit cafes. Company’s 45 percent of sales accounts from online ordering services.
Chaayos also offers rewards to its loyal customers on their repeated visits through its Chaayos loyalty pro .