The Chennai Angels (TCA) today announced a 2 Crores investment in Chai Kings, the largest Chai Retail Chain in Chennai.
The development comes within six months after Chai Point, the largest organized Chai Company in India, raised $20 million Series C funding round, led by Paragon Partners, in April this year.
Chai Kings, founded in 2016 is the largest Chai Retail Chain in Chennai operating with 8 stores. Chai Kings offers a sumptuous range of chai in exotic flavours, in the most hygienic ambience and at perfectly justifiable prices. Chai Kings also delivers Chai at your doorstep through in house delivery personnel as well as through the online food aggregators. Chai Kings deliver upto 4 kms radius from the outlets and uses food grade use-and-throw heat retaining chai flask for safe consumption also ensuring the Chai is piping hot for at least 50 minutes. With the vision to be the favourite chai place, Chai Kings is expanding rapidly in Chennai with the target of 100 stores in 5 years.
“Sadique and Balaji have built a strong brand with Chai Kings, which has a great potential to scale given the vast consumption base in the country. We look forward to working with the Chai Kings team and helping them scale up their operations. We are excited to partner with Chai Kings and be a part of their growth journey.”, said Mr. Piyush Bhandari who lead the investment from The Chennai Angels.
“We are super happy with our progress so far and to have created a niche and following for the brand. This investment coming at the right time will further propel us. This funding proceeds will be used towards adding retail stores and to strengthen our service operations” said Jahabar Sadique, Co-Founder & CEO, Chai Kings.
“We are excited to have The Chennai Angels part of our journey. We are planning to setup additional stores to cater to folks in IT Parks, Malls and few stores in High Streets, at a faster pace. There is going to be a sea of new product launches as well” said Balaji Sadagopan, Co-Founder & COO, Chai Kings.
India is one of the world’s biggest tea consumer and in the coming months, startups like Chai Kings will also face competition from the Tata Group, which has already launched its Tata Cha tea cafes and plans to aggressively ramp it up.
Besides, Chaipoint had recently launched its 100th store in Indiranagar, Bangalore. Mr Priyank Kharge, Minister of Social Welfare Development, Karnataka Government inaugurated the Store.
The Chennai Angels is one of India’s most active angel investing groups. Founded in the year 2007, it is comprised of successful entrepreneurs and business leaders with a track record of starting and scaling large enterprises.
Additionally, several seed and venture capital firms hold institutional membership in the group. Though it is located in Chennai, TCA’s investing members and portfolio investments are not limited by geography. Unusually for an angel investing group, TCA has a diversified portfolio that goes well beyond a restrictive tech focus, reflecting the diversity of its members’ interests. TCA portfolio companies benefit from the collective expertise and rolodex of its members.