Chaayos raises $53 million to expand its operations

23 Jun 2022 , 01:21 PM

Chaayos, a network of tea shops, announced on Thursday that it has secured USD 53 million (about Rs414 crore) for store expansion, hiring, and tech improvements as part of its aim to open 100 new locations by the end of the year.

According to the company, Elevation Capital, Tiger Global, and Think Investments were all present in the investment round, which was led by Alpha Wave Ventures.

According to a release, new cash would be used for tech improvement, hiring, and shop expansion. Nitin Saluja and Raghav Verma founded Chaayos in 2012; it currently operates 190 outlets across 6 cities and expects to add another 100 by the end of 2022.

Customers at Chaayos have access to 80,000 different ways to customize their hot cup of “chai,” thanks to the company’s Chai Monks IoT-enabled tea bots. It claimed that faster checkouts and payments are made possible by the business’ facial recognition software.

With the most recent capital round, we will be able to accelerate our technological investments, improve the guest experience, and create a brand that will be omnipresent and deeply ingrained in Indian society for years to come.