Chai Point raises $20mn in Series C funding
Bengaluru-based tea retailer Chai Point has confirmed that it has raised $20mn in Series C funding round led by Paragon Partners. All the existing investors, Eight Roads (Fidelity's India PE arm), Saama Capital, and DSG, participated in this round, with some of them investing super pro rata, a company release said. The total funding raised by the company is now $34mn. Here's more.
With the current fund infusion, the company has so far raised $34mn. It had in August 2017 raised $2.9mn in a bridge round of funding led by Eight Roads Ventures. Earlier in 2015, the company had mopped up $10mn in Series B round of funding.
Amuleek Singh Bijral, Co-founder and Chief Executive Officer, Chai Point said a substantial portion of the investment proceeds will go towards deepening the company's sales, marketing, and service operations for its automated hot beverage dispensing business, boxC.in, which is the next growth driver for the business. Bijral said that company is going to expand and refine underlying sourcing program, "Garden to Glass".
Chai Point currently sells about three lakh cups of chai a day across its channels, stores, delivery, and dispensers, and is targeting five times the business in three years. Siddharth Parekh, Co-founder and Senior Partner, Paragon Partners, will also be joining the company's board.