Chaayos, run by Sunshine Teahouse Pvt Ltd, has raised around $2 million from its existing investor Tiger Global Management in an internal funding round, as per the source Mint.
The funds will be utilised to expand tea cafe chain of Sunshine Teahouse, running under the brand name Chaayos.
Gurgaon based Chaayos was founded by Nitin Saluja and Raghav Verma in November 2012, and has now set up its own tea cafes in cities- Delhi-NCR, Mumbai, Chandigarh and Karnal.
“Chaayos has recently raised funds from its main investor Tiger Global. The funds were raised through a rights issue, which was closed a few weeks ago. Tiger Global invested close to $2 million in the company in the round. A few individuals also participated in the round,” a person familiar with the matter said.
In the current financial year, Chaayos is well on its way to nearly tripling its revenues by growing to 70 cafes, he said.
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Saluja declined to comment on the fund-raise. “Being the leader of the chai cafe market, we have continuously improved customer experience by investing heavily in product development, technology and service. Chaayos is growing rapidly to reach the 50-cafe mark by end of this month,” said Saluja in his email response to the source.
“This growth is coming on the back of strong same store sales growth and high customer repeat, thus making us cash-positive. Tiger has been a very supportive partner on this journey because of strong fundamental growth,” he added.
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