Chennai, July 7 (PTI): Noted beverage brand Chai Waale has raised Rs 1.75 crore to fund its plan to tap the unexplored, organised tea market, a company official said.
The fund raised would aid in measuring geographical expansion as well as streamline the supply chain systems, according to company founder Vidur Maheswari.
The Chennai-based company aims to have 40-45 outlets by March 2022, Maheswari said.
Chai Waale, in a statement, said the company has, in 24 months, set up 14 outlets across the country and five more were on the way.
On the impact of COVID-19, Maheswari said, “We are taking all necessary steps at every stage and continuously adapting to COVID-19. Since tea is a necessity, we expect our business to continue at a steady pace during the unlock phases.”
“The COVID-19 pandemic will be a good judge of the businesses. The ones that have the conviction to overcome this tough period will gain the trust of investors”, Maheswari said.
City-based high networth individuals (HNIs) Arun and Vishal Ostwal, Dhariwal Group ED Tharun Dhariwal and South Handlooms managing partner Sunil Kumar Singhvi were some of the angel investors, the statement said.