Chaayos raises $12 mn from SAIF Partners, others

Tiger Global-backed tea cafe chain Chaayos has raised USD 12 million (approx Rs 85 crore) in funding from venture capital firm SAIF Partners, Integrated Capital and Pactolus.

Previously, Chaayos had raised USD 7 million from Tiger Global. Chaayos is the only non-tech investment of Tiger Global.

"This investment (series B round of funding) will fuel growth plans of Chaayos as it expands its retail footprint in the existing markets of Delhi-NCR, Mumbai, and Chandigarh," the company said in a statement.

Within a short span of its launch, the brand has grown exponentially with 42 percent month-on-month customer repeat business, it said.

"As we embark on our next phase of growth, we aim to further consolidate our presence in existing markets with new outlets across cities," Chaayos Founder and CEO Nitin Saluja, said.

Chaayos has over 52 cafes across seven cities.