Tea shop chain start-up company, Chaayos just came out to announce that the company has raised funds amounting to $ 53 million USD in their latest round of funding. This round was a series C one. It was primarily led by Alpha Wave Ventures. It also saw the participation of other venture capital firms and fund management companies such as Tiger Global Management and Elevation Capital.
When asked what they plan to do with these fresh batch of funds, the company said that they plan to scale up their business, improve their technology and machinery, increase their work force and open many more outlets all across the nation.
The start-up company was founded by two alumni of the Indian Institute of Technology 10 years ago back in 2012. There are currently close to 200 stores sprawled across 6 cities and are trying to go close to the 300 mark by the end of the year.
The thing that separates Chaayos from other companies in this highly competitive industry is the fact their tea is customizable and there around 80,000 different types of teas that can be made. Their tech and artificial intelligence allow customers to scan their faces so that their orders and payments can be done much faster. The company has successfully been able to blend the traditions of the country in tea with modern technology to bring a truly unique experience to their customers.
The founder and chief executive officer of the company, Mr. Nitin Saluja said that they saw the long term of the tea industry of the country and realised that if they prioritised on improving their technology, they can set themselves apart from the other players and also scale up the business well without losing quality of their products.
They said that they plan to create a strong hold on the cities they are already playing in and even start expanding and entering into other Indian cities. The company is also looking to increase their work force by hiring the top talent to work on their technology to provide a much more smoother experience for their customers.
A combination of their wide range of products, strong technology and artificial intelligence and their priority of customer satisfaction has made the company to grow leaps and bounds since they were established and has also made them in prime position to take over the market and dominate the entire tea industry in the country.