Bengaluru-based tea retailer Chai Point has raised $20 Mn in Series C round of funding led by Paragon Partners. All existing investors – Eight Roads (Fidelity’s India PE arm), Saama Capital and DSG – also participated in this round, with some of them investing super pro rata.
Siddharth Parekh, Co-founder and Senior Partner of Paragon Partners will also be joining the Board of the Company. The DCS Advisory India (earlier Signal Hill Capital) was the exclusive advisor to the company for this fundraising.
The startup raised its Series B funding in 2015 and has raised a total funding of $34 Mn including the current funding round.
Commenting on the investment, Amuleek Singh Bijral, Co-founder and CEO, Chai Point said “This funding round is primarily aimed at further strengthening the brand’s multi-channel go-to-market. A substantial portion of our investment proceeds will go towards deepening our sales, marketing and service operations for our automated hot beverage dispending business – boxC.in – which is the next growth driver for the business.”
He further noted that they are going to expand and refine their underlying sourcing programme – “Garden to Glass” along with an especially enhanced food menu.
Chai Point was founded in 2010 by Amuleek Singh Bijral and Professor Tarun Khanna of Harvard Business School. Chai Point is an omnichannel startup with stores, delivery and fresh-milk based dispenser platform called boxC.in as its operating channels.