Chai Point raises $20 Mn from Paragon Partners and others.
19th, April 2018 - Startup funding
Chai Point raised $20Mn in Series C funding from Paragon Partner, existing investors include Saama Capital, DSG and Eight Roads, the private equity arm of Fidelity India also participated in the round.
According the press note from company,some of the investors invested super pro rata. This essentially means these investors have the option of increasing their percentage ownership stake in the company in the follow-on rounds. The funding is aimed at further strengthening the brand’s multi-channel go-to-market. Chai Point, which has around 90 outlets in Bengaluru, Hyderabad, Pune, Mumbai and Delhi, has raised around $13 million before the current round.
Chai point was founded by Amuleek Singh in 2010 through retail outlets, with presence in tech parks. Company said the fund will be used to expand its sales team, marketing and service operations for their automated hot beverage dispensing business - boxC.in - which is the next growth driver for the business.
Company claims chai market to be worth Rs 1.5 lakh crore in India. They believe that the average per capita consumption of the beverage increasing at a steady rate of 20-30 percent. Chai Point sees a 50 percent to 70 percent repeat in online orders a month and repeat rate of two to three times a week in store.
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