Chennai-based tea retail chain, Chai Kings on Tuesday has raised $1 million in funding from an angel investment group, The Chennai Angels (TCA). The round also participation from Hyderabad Angels and TiE India Angels.
Piyush Bhandari, who led the investment from TCA said,
“We are very excited to partner with Chai Kings in the bridge round. We believe the company has a strong leadership team with immense potential to grow and expand across India. The new investment reiterates our commitment towards building a sustainable and scalable Indian QSR.”
Founded in 2016, at present, Chai Kings is operating 40 stores in India. The startup claims that it offers a sumptuous range of 'chai' or tea in exotic flavours, in the most hygienic ambience, and at perfectly justifiable prices.
It also delivers tea at customers’ doorstep anywhere in Chennai, using food-grade, use-and-throw, heat-retaining flasks for safe consumption, that ensures the tea is piping hot for at least an hour.
With the vision to be the favourite chai place across India, Chai Kings is targeting to reach 100 stores in five years.
Jahabar Sadique, CEO of Chai Kings, said,
“We are happy with the success and progress of our brand in Chennai, and this funding round will help us expand into newer cities. We hope to enter Coimbatore, Bengaluru, and Hyderabad in this year, and get closer to our target of 100 stores in five years. Apart from expansions, the bulk of this funding will be utilised to strengthen our operations and supply chain management.”
Chai King's primary investor, The Chennai Angels, In July 2019, also infused Rs 1 crore in Chennai-based The Indus Valley which is engaged in running an online healthy cookware products store.
Founded in 2007, TCA also participated in a $1 million seed funding round of SwitchOn, an industrial technology startup, along with pi Ventures and Axilor Ventures in June last year.
(Edited by Suman Singh)