A.V. Thomas and Co. (AVT) has contributed $3 million (Rs 24 crore) to the Chennai-based chai retail chain Chai Kings’ Series A funding round.
Chennai Angels (TCA), Hyderabad Angels, and TiE India Angels contributed $1 million to the tea brand’s seed round earlier in January 2020.
The Chennai Angels (TCA) are making a partial exit with significant returns as part of this round.
The money raised will be utilized to improve its product offerings, expedite its expansion plans, and fortify its supply chain. Additionally, it will be applied to operational efficiency and customer engagement.
Established by Jahabar Sadique and Balaji Sadagopan, Chai Kings provides a high-end and hygienic chai experience, offering a variety of tea blends with an emphasis on sustainability, quality, and customer satisfaction.
Chai Kings says that since its founding in 2016, it has run 57 locations in Coimbatore, Hyderabad, and Chennai. The company’s sustainable packaging, high-quality tea selection, and customer-focused philosophy have earned it recognition.
According to Chai Kings, the company will end FY25 with a revenue of Rs 48 crore and a positive EBITDA. In order to stay profitable, the company intends to double its revenue over the next two years.
