Chaayos Raises $53 Million

Chaayos, a leading "chai" (tea) cafe chain, announced on Thursday that it has raised $53 million in Series C funding led by Alpha Wave Ventures. The funds will be used for technological advancements, hiring, and store expansion, according to the company. Existing investors Elevation Capital, Tiger Global, and Think Investments participated in the most recent round.

Chaayos, founded in 2012 by Nitin Saluja and Raghav Verma, operates 190 stores in six cities and plans to open 100 more by the end of this year. "The latest capital raise will help us deepen our technology investments to further enhance our guest experience and build a ubiquitous brand that is an integral part of Indian society over decades to come," said Saluja, Founder, and CEO. "We are also continuously on the lookout to hire talent to handle the scale that we aspire for," he added.

People can personalize their cup of tea at Chaayos in 80,000 combinations using IoT-enabled tea bots called 'Chai Monks.' What began as a niche use case, Chaayos online Chai deliveries now account for 45 percent of revenues, according to the company.