[Funding alert] Chennai-based startup Chai Waale raises Rs 1.75 Cr from angel investors
Chennai-based tea brand Chai Waale has raised a funding of Rs 1.75 crore from a group of angel investors. These include Tharun Dhariwal, ED of Dhariwal Group; Sunil Kumar Singhvi, Managing Partner of South Handlooms; Chennai-based HNIs, Arun and Vishal Ostwal, hailing the top management of the DK Group of Companies; Gunavanth Vaid of 4G Capital Ventures and Bharat Kumar Sohanraj from the family of heritage jewellers, Mahalaxmi Jewellers.
With this funding, the startup said it is working towards expanding its product portfolio and store footprint and is also open to talks with investors to secure the next round.
Founded in 2018 by Vidur Maheswari, Chai Waale has expanded to 14 outlets, including three cloud kitchens in less than two years since its inception. The QSR firm offers a range of speciality teas including milk, black, herbal and iced tea variants along with a variety of savouries including sandwiches, noodles, poha and khakhras.
For Chai Waale, the ratio of offline to online sales has been pegged at 60:40. The company claims to have posted profits in its first year of operations.
“Each outlet clocks an average sale of 1,300-1,500 cups per day along with quick bites. All our units have turned profitable at the store level. The funds raised will aid in a measured geographical expansion as well as streamline the supply chain systems,” said the founder Vidur Maheswari.
Speaking about the after-effects of coronavirus on the business, he shared, “Since tea is a basic necessity and a perennially preferred beverage, we expect our business to continue at a steady pace during the unlock phases. We are highly thrilled at the exponential growth that awaits businesses like ours, which follows hygiene practices from the word go and now further comply with all the safety norms laid out by the authorities. People are bound to go for hygienic options that serve authentic tea at prices they have always been comfortable with.”
“Chai Waale aims to have 40-45 fully operational outlets by March 2022. The larger picture in mind, of course, is to go pan India followed by having a global footprint," stated the 26-year-old founder.
Edited by Saheli Sen Gupta