Chaayos raises $53 million in funding for business expansion
THE ECONOMIC TIMESTea cafe chain Chaayos on Thursday said it has raised $53 million (around Rs 414 crore) for tech-enhancement, hiring and store expansion as it plans to add 100 stores by the end of this year. The company said the funding round was led by Alpha Wave Ventures with participation from all existing investors — Elevation Capital, Tiger Global and Think Investments.
“New funds will be used for tech-enhancement, hiring and store expansion,” it said in a statement.
Founded by Nitin Saluja and Raghav Verma in 2012, Chaayos runs 190 stores across 6 cities and plans to add another 100 by the end of 2022.
At Chaayos, guests can personalize their fresh cup of ‘chai’ in 80,000 combinations and Chaayos IoT-enabled tea bots called Chai Monks, make this possible.
It said the company’s facial recognition software enables faster checkouts and payments.
“The latest capital raise will help us deepen our technology investments to further enhance our guest experience and build a ubiquitous brand that is an integral part of the Indian society over decades to come.
“Like always, we will continue to grow our cafe footprint and go deeper into the cities we are present in and explore new markets. We are also continuously on the lookout to hire talent to handle the scale that we aspire for,” Saluja said.
Deepak Gaur, Partner, Elevation Capital said, “A unique combination of innovations in food and drinks offerings, strong leverage of technology solutions and obsession over customer satisfaction has positioned Chaayos as a clear leader in their space.”

NEWS RELATED

Top IT firms may see modest Q1 revenue growth on headwinds

AgenciesIndia’s top IT service providers are expected to report modest revenue growth in the first quarter as supply-side pressures including wage increments, onsite wage inflation and travel costs loom large, analysts said.Cross-currency headwinds will also impact earnings, they said, on concerns of an impending recession in the United States, the ...

View more: Top IT firms may see modest Q1 revenue growth on headwinds

Asus ROG 6, 6 Pro Debuts 165Hz Refresh Rate Samsung OLED, 18GB RAM, and MORE

Asus ROG 6 and ROG 6 Pro finally debuts, flaunting gamer’s dream of an insane 165Hz refresh rate for its Samsung OLED, a massive 18GB of RAM option, and a huge battery for all-day gaming. (Photo : Jens Schlueter/Getty Images) LEIPZIG, GERMANY – FEBRUARY 15: A participant stands with a ...

View more: Asus ROG 6, 6 Pro Debuts 165Hz Refresh Rate Samsung OLED, 18GB RAM, and MORE

Elon Musk: Tesla FSD Beta 10.13 is Coming—Explains AI has Many ‘Matrix Math’ In It

Elon Musk is back on Twitter, and he is talking about a lot of random things, but it also included something about the upcoming release of the Tesla FSD Beta version 10.13, which would be the latest system coming. Here, the CEO also talked about the so-called “Matrix Math,” and ...

View more: Elon Musk: Tesla FSD Beta 10.13 is Coming—Explains AI has Many ‘Matrix Math’ In It

HTC Released a New Android Tablet ‘Quietly’ in Africa

HTC came out with a tablet in Africa, and other parts of the world didn’t pick up on it until a few days later. The tablet, A101, comes with a 10.1-inch display, entry-level specs, and a design straight out of the middle of the last decade, according to 9to5Google. (Photo ...

View more: HTC Released a New Android Tablet ‘Quietly’ in Africa

NASA Warns About China Moon Takeover Being a Military Plan! Chinese Government Rejects Accusation

NASA warns about China’s moon takeover being a militarized activity. However, the Chinese government claims that the accusation is not, in any sense, true. (Photo : China Photos/Getty Images)Military soldiers stand guard as the Shenzhou VI spacecraft, sitting atop of the LM-2F carrier rocket, is moved towards the launching pad ...

View more: NASA Warns About China Moon Takeover Being a Military Plan! Chinese Government Rejects Accusation

Scottish Bank Invests £4 Million for the World's Most Powerful Tidal Turbine Orbital O2

Orbital Marine Power announced that the Scottish National Investment Bank (SNIB) contributed £4 million. The company also received another £4 million from the abundance investment.  (Photo : OC Gonzales)Sailboats on body of water during daytime Scottish National Investment Bank (SNIB) Funds Orbital Marine Power’s 02 Tidal Turbines The Scottish engineering firm ...

View more: Scottish Bank Invests £4 Million for the World's Most Powerful Tidal Turbine Orbital O2

See stunning photos from the 2022 Astronomy Photographer of the Year shortlist

Every year, thousands of astrophotographers submit their work to one of the greatest space photography competitions in the universe. This year, the 2022 Astronomy Photographer of the Year shortlist is full of epic photographs. All of the photos submitted this year for the shortlist are absolutely stunning, so let’s ...

View more: See stunning photos from the 2022 Astronomy Photographer of the Year shortlist

Burner Phones — What Are They and Do You Need One?

Smartphones are convenient. They allow you to play games, access the internet, stream movies, and TV shows, and help you with a variety of everyday things. However, there are times when you don’t want other people to contact you or when bringing your smartphone is inconvenient for many reasons. ...

View more: Burner Phones — What Are They and Do You Need One?

Pokémon Go: Dialga Raid Guide

Best VR Headset 2022

Best AV Receiver 2022

How to sign out of Gmail and Google on PC, Android and iPhone

Assassins Creed Infinity reveal? Ubisoft schedules a new event!

Best iPad Case 2022

Kia completes Green Light Project in Rwanda and Vietnam

Captain America 4 might be the closest thing we get to an Avengers 5

GTA VI is the focus now! Red Dead Redemption and GTA IV remasters scrapped

There could only be one cover star for NBA 2K23

Women's EURO 2022 live stream: how to watch every football match online from anywhere

New study appears to answer one of Formula 1's oldest questions: Which is more important—car and team, or driver?

OTHER NEWS