Indian tea retailer Chai Kings has secured US$1 million in funding from a group of angel investors, including The Chennai Angels, Hyderabad Angels and TiE India Angels.
The Chennai-based tea retail chain aims to launch 100 stores over the next five years and become the nationally preferred purveyor of chai teas. It is currently operating in 40 locations and delivers tea to customers’ doorsteps within Chennai.
“We are very excited to partner with Chai Kings in the bridge round,” said The Chennai Angels’ lead investor in the round Piyush Bhandari. “We believe the company has a strong leadership team with immense potential to grow and expand across India. The new investment reiterates our commitment towards building a sustainable and scalable Indian QSR.”
“We are happy with the success and progress of our brand in Chennai, and this funding round will help us expand into newer cities,” said Chai Kings CEO Jahabar Sadique. “We hope to enter Coimbatore, Bengaluru, and Hyderabad in this year, and get closer to our target of 100 stores in five years. Apart from expansions, the bulk of this funding will be utilised to strengthen our operations and supply chain management.”