- July 31, 2021 / 4 min readThe brand is also aiming at opening stores at malls, metro stations and also expand its menu.
Chennai-based tea startup Chai Waale has announced that it has received Rs 5 crore funding from marquee angel investors.
The round saw participation from existing and new investors.
Some of the angel investors include Sunil Sethia, Sunil Kumar Singhvi, Manish Mardia, UNI-M Network, a Mumbai-based angel network and celebrities like Nayanthara and Vignesh Shivan.
Additionally, private organisations such as Bengaluru's Unlisted Kart LLP (an online trading platform of unlisted shares) and Chennai-based Conscience Multi Family Office are among the other investors who have played a role in this round of funding, the company said.
“80% of the current funding will be utilized in physical store expansion. We aim to have 35 fully functioning stores by the next year,” shared Vidur Maheswari, founder, Chai Waale who wants to use the rest of the funds for marketing, expansion of back-end systems, etc.
The brand is also aiming at opening stores at malls, metro stations and also expand its menu to other snack items including; momos, sandwiches, iced tea, desserts to name a few.
"During the unlock phases, we increased our digital marketing and e-commerce budgets to acquire a new customer base online apart from our existing loyal customer base," added Maheshwari who founded the company in 2018.
Today, it operates 20 outlets in strategic locations offering a range of speciality teas, including milk, black, herbal, and iced tea variants, along with a variety of savouries such as sandwiches, noodles, poha, and khakhras.
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