[Funding alert] Chennai-based Chai Waale raises Rs 5Cr from marquee angel investors
Chennai-based tea brand Chai Waale on Friday said it raised Rs 5 crore in funding from marquee angel investors, including Sunil Sethia, Sunil Kumar Singhvi, Manish Mardia (UNI-M Network) and celebrities Nayanthara and Vignesh Shivan.
Additionally, private organisations such as the online trading platform of unlisted shares Unlisted Kart LLP and Chennai-based Conscience multi-family office, among other investors also participated in the round.
The startup will use the funding to promote physical and strategic expansion of Chai Waale throughout the city.
Founded in 2018 by Vidur Maheswari, Chai Waale has established a strong footing since its inception in the mid-range beverage providers segment across Chennai, with 20 outlets in strategic locations and customer-oriented service.
The QSR startup offers a range of speciality teas, including milk, black, herbal, and iced tea variants, along with a variety of savouries such as sandwiches, noodles, poha, and khakhras.
Recently, Chai Waale has added soups, momos, and an additional range of sandwiches to its menu, and new flavours of ice tea, desserts, and some quick items are in the pipeline.
The home-grown QSR brand is planning to set shop in places with high footfalls, including metro stations and malls.
“We value our investors and are indebted for their solid support. We are ever grateful to our existing investors who have shown so much faith in the brand and have been an integral part of this round of funding. About 80 percent of the current funding will be utilised in physical store expansion. We aim to have 35 fully functioning stores by the next year. The rest of the funds will be earmarked for marketing, expansion of back-end systems, and managerial team,” said Founder Vidur Maheswari.
“We are bullish about our growth trajectory in the upcoming year, given the robust set of investors”, Vidur added.