The Chennai brand of drinks, Chai Waale, raised Rs. 5 crores ($672,500) from current and new investor companies. The round was attended by Actor Nayanthara and Vignesh Shivan, Director.
The round was also attended by Sunil Sethia, Sunil Kumar Singhvi, the UNI-M Network, the Mumbai-based Angel Network, Unlisted Kart LLP, the non-listed online trading platform, and the Multi-Family Office of Conscience in Chennai.
Commenting on the funding round, Chai Waale founder Vidur Maheswari said, “80% of the current funding will be utilised in physical store expansion. We aim to have 35 fully functioning stores by the next year. Rest of the funds will be earmarked for marketing, expansion of back-end systems, and managerial team.”
The company stated that it plans to open stores in high-traffic areas and that it has successfully navigated through internet ordering with specifically designed packaging and sanitary standards.
Tea, sandwiches, noodles, poha, and khakhras are all available at Chai Waale. Momos and soups have also been introduced to the menu of the fast service restaurant business.
Anna Nagar, Kilpauk, Sowcarpet, George Town, T Nagar, Saligramam, Egmore, Ritchie Street, Alwarpet, Adyar, Ambattur, Chintamani, and SRM University are among the 20 Chai Waale locations.
