The Chennai Angels on Tuesday announced an investment of around US$ 1 million in city-based retail chain Chai Kings to fund its expansion plans. The funding was along with the participation of The Hyderabad Angels and TiE India Angels, a press release said.
Set up in 2016 Chai Kings currently has 40 retail outlets. It offers a range of tea in various flavours. The company has set a target of reaching 100 stores in five years, according to company official.
“We are very excited to partner with Chai Kings..we believe the company has a strong leadership team with immense potential to grow and expand across India,” The Chennai Angels, Piyush Bhandari who led the investments said.
Commenting on receiving the funding from The Chennai Angels, Hyderabad Angels and TiE India Angels, Jahabar Sadique, CEO, Chai Kings said, “…this funding round will help us expand into newer cities”.
“We hope to enter Coimbatore, Bengaluru and Hyderabad in current year and get closer to our target of 100 stores in five years,” he said. Besides the expansion plan, the funding received would also be utilised to strengthen the company’s operations and supply chain management, he added.