Delhi-based startup Chaayos, a cafe that serves customized tea has raised $5 Mn from capital firm Tiger Global Management Llc in Series A. This is Tiger’s first investment in a not-technology consumer startup in the country.
Founders of Ola Cabs, Bhavish Aggarwal and Ankit Bhati also participated in this round of funding. With the funding, Kalyan Krishnamurthy, managing director of Tiger Global Management will be joining Chaayos’ board.
Chaayos, currently runs eight cafes in the national capital region (NCR). Going forward, it aims to add over 50 stores, 25 stores in the NCR area and 25 in Bengaluru, Mumbai and Pune over the next one-and-a-half years.
Founded in November 2012 by Bombay IITian Nitin Saluja and Delhi IITian Raghav Verma, Chaayos works on a theme i.e. “Experiments With Chai”, it has over 25 varieties of tea, ranging from Indian teas like Pahadi chai and Irani chai to international teas like camomile and Moroccan mint tea. Chaayos also gives an option for its customers to customise their chai in their own way; basically it helps customers to discover their “meri waali chai”.
The company is currently selling about 100,000 cups of tea in a month, however expects to sell close to 3 Mn cups of tea in next 18 months. The startup also plans to open chai-on-demand stores, which will act as the small delivery centres to help the company meet larger target audience.
In April, Chaayos launched its mobile app, which allows customers to order food and tea on their phones and get it delivered at their doorstep. Currently the startup is receiving over 100-120 orders every day through its app which is operational only in Gurgaon as of now. However, according to Nitin, they are currently not pushing it’s mobile application.