Chennai-based Chai Waale raises Rs 1.75 crore, to expand footprint
By Retail4Growth Team | July 08, 2020
Founded by Vidur Maheswari in 2018, Chennai-based beverage start-up currently has 14 outlets and five more in the pipeline
Chennai-based beverage start-up Chai Waale has secured a funding of Rs 1.75 crore from a slew of angel investors. Founded by Vidur Maheswari in 2018, Chai Waale currently has 14 outlets and five more in the pipeline. Each outlet clocks an average sale of 1,300-1,500 cups per day along with quick bites.
The new capital raised will be utilized for expanding the brands footprint. As Vidur Maheswari mentioned, “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”.
He further said Chai Waale is aiming to have 40-45 fully operational outlets by March 2022. “The larger picture in mind, of course is to go pan India followed by having a global footprint,” Maheswari added.
The current set of angel investors include 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 Jewellers.