According to corporate papers obtained through Tofler, Sunshine Teahouse Pvt. Ltd., the parent company of Chaayos, has secured $45 million in a Series C fundraising round headed by Alpha Wave Capital.
The firm is valued at $250 million, according to the filings. Other supporters of Chaayos, such as Tiger Global, Elevation Capital, and Think Investments, participated in the current investment round. In the most recent round, Alpha Wave put in Rs 207.6 crore.
The firm has secured $21.5 million from investors led by Think Investments in February 2020.
According to the papers, the company’s board of directors issued a special resolution on June 7 to allot 13,89,756 Series C preference shares at an issue price of Rs 2,514 per share to raise Rs 349 crore ($45 million).
Chaayos is a chain of tea shops founded by Nitin Saluja and Raghav Verma in 2012. They have locations in New Delhi, NCR, Mumbai, and Bengaluru. It has roughly 150 locations that provide both dine-in and takeout. The firm earlier stated that it planned to grow its offline presence to 300 locations across new geographies.
Chaayos competes with tea cafés such as Chai Point, which is supported by Eight Roads and Saama Capital, and others.
