Chaayos’ parent company bags $45 mn in Series C funding
By MYBRANDBOOK
The parent company of Tea café chain Chaayos, Sunshine Teahouse has secured $45 million in its Series C funding round from both new and existing investors.
The company is valued at between $225-250 million.
The round was led by Alpha Wave Ventures. Existing investors like Tiger Global Management, Elevation Capital and Think Investments also participated in this round.
Chaayos was started in 2012 by Nitin Saluja and Raghav Verma. At present it has more than 150 active cafes across Delhi NCR, Mumbai, Pune, Bengaluru, Chandigarh, Hyderabad, Chennai and Karnal.
In a sector that was badly hit during the pandemic, the company still managed to grow due to its packaged products business.
Chaayos launched a range of instant and herbal tea products in 2020. The company was also planning to launch 20 more products under its product portfolio packaged around the vision of ‘Meri Wali Chai’.
Presently, 40% percent of the company’s total sales are offline and the rest comes from online which includes its own store chaayos.com and fast e-commerce players.
In Feb 2021, Chaayos had raised $21.5 million in a Series B2 round led by San Francisco-based investment firm Think Investments with participation from InnoVen Capital.
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