Chai Waale, a Chennai-based beverage startup raise Rs 1.75 crore in a funding round from a bunch of angel investors. Tharun Dhariwal, ED of Dhariwal Group, Sunil Kumar Singhvi, managing partner of South Handlooms, Chennai-based HNIs Arun and Vishal Ostwal, Gunavanth Vaid of 4G Capital Ventures, and Bharat Kumar Sohanraj from the family of Mahalaxmi Jeweller invested in the firm.
The company has decided to infuse the funds into fulfilling their goal of having 45 functional outlets in the country by March 2022. Vidur Maheswari, founder of Chai Waale stated, “Each outlet clocks an average sale of 1300-1500 cups per day along with quick bites. All our units have turned profitable at the store level. We have been able to grow at this pace by the support of the core team that has demonstrated the right balance of experience and zeal. The funds raised will aid in a measured geographical expansion as well as streamline the supply chain systems.”
Chai Waale was founded in 2018 with the idea of tapping into the unexplored tea market. The firm is looking to expand its reach in Quick Service Restaurant (QSR) space with addition of 5 new restaurants in existing portfolio of 14 outlets. Quick service restaurants (QSRs) are distinguished by competitive pricing, offer freshly prepared beverages and finger foods while also having a professionally staffed kitchen.
The company claims to be profitable in the first year of its operations in a press statement. They make 60% of their sales through their offline platforms as compared to the 40% by online channels. Maheswari stated that the company was making required amendments to adapt to the Covid-19 situation but considering Tea is a popular beverage the company is expecting steady growth in the unlock period. Each outlet clocks an average sale of 1,300-1,500 cups per day along with quick bites.