Chai Waale of Chennai secures funding of Rs 1.75 crore

Chennai: Chai Waale, one of the city’s home grown and fastest growing beverage brands has secured funding of  Rs 1.75 crore. Founded in 2018 by Vidur Maheswari, its aim is to tap the unexplored organised tea market.

Its rise in 24 months comes with its expansion to 14 outlets. Five more are on the way as its growth has created a buzz in the Quick Service Restaurant (QSR) segment.

The hot beverage market has been undergoing a facelift in the past couple of years. The market was polarised with either the roadside tea stalls having the USP of affordability or cafés providing an ambience.

“I took inspiration from the saying, ‘Tea is a beverage while Chai an emotion’ and founded Chai Waale. Each outlet clocks an average sale of 1300-1500 cups per day along with quick bites. All our units have turned profitable at the store level.  We have been able to grow at this pace by the support of the core team that has demonstrated the right balance of experience and zeal. The funds raised will aid in a measured geographical expansion as well as streamline the supply chain systems,” says the founder, Vidur Maheswari.

For Chai Waale, the ratio of offline to online sales has been pegged at 60:40. The company posted profits in its first year of operations. On Coronavirus, he says,  “We are taking all the necessary steps at every stage and continuously adapting to Covid-19. Since tea is a basic necessity and a perennially preferred beverage, we expect our business to continue at a steady pace during the unlock phases.”

Chai Waale aims to have 40-45 fully operational outlets by March 2022.

 

NT Bureau