Chennai-headquartered beverage brand Chai Waale has secured another round of funding worth ₹5 crores from existing and new investors. The company said that the funding will promote the physical and strategic expansion of Chai Waale throughout the city.
Its 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 organizations 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
Chai Waale is planning to set up shops in places such as metro stations and malls and is looking to add other items such as soups, momos, and an expanded range of sandwiches to its menu. Additionally, new flavors of ice tea, desserts, and some quick items are in the pipeline too, the company said in a statement.
“80% of the current funding will be utilized in physical store expansion. We aim to have 35 fully functioning stores by the next year. The rest of the funds will be earmarked for marketing, expansion of back-end systems, and managerial team,” said Vidur Maheswari, founder, Chai Waale.
“Since the first lockdown, we have adopted stringent hygiene processes and safety measures that gave us the confidence about serving our customers safely through online channels. During the unlock phases, we increased our digital marketing and eCommerce budgets to acquire a new customer base online apart from our existing loyal customer base,” added Maheswari.
Founded in 2018 by Vidur Maheswari, Chai Waale has established a strong footing since its inception in the mid-range beverage providers segment across Chennai, with outlets in strategic locations and customer-oriented service. Chai Waale currently has 20 outlets in Chennai including Anna Nagar, Kilpauk, Sowcarpet, George Town, T Nagar, and SRM University.