Chai Point raises $20mn to spur expansion

New Delhi : Popular beverage chain Chai Point on Thursday announced a USD 20 million Series C funding round, led by Paragon Partners, which will be allocated towards spurring its growth in India.

Chai Point is an organised brand in the Rs.1.5 Lakh crore tea market targeting one billion Indians. With the average per capita consumption of the beverage increasing at a steady rate of 20-30 percent, the market is ever expanding.

The company, who offers nearly 0.3 million cups of Chai a day across all its channels – stores, delivery, and dispensers -is poised to do five-fold more in the next three years.

“This funding round is primarily aimed at further strengthening the brand’s multi-channel go-to-market. A substantial portion of our investment proceeds will go towards deepening our sales, marketing, and service operations for our automated hot beverage dispending business – boxC.in – which is the next growth driver for the business. High quality tea and coffee is fundamental to our growth and we are going to expand and refine our underlying sourcing program – “Garden to Glass”. Also, we look forward to delighting our customers with an especially enhanced food menu,” said Amuleek Singh Bijral, Co-founder and CEO, Chai Point.

Apart from the investment, the company also announced that Siddharth Parekh, Co-Founder and Senior Partner of Paragon Partners, the prime investor in this round, will be joining the Chai Point’s Board of Directors. (ANI)