Chai Point backed a funding of $10 mn for itself from Eight Roads Ventures, the proprietary money funding firm of Fidelity, India; Saama Capital and even DSG Consumer Partners. Chai Point’s objectives include – further growth and reach, quality personnel and upgrading its IT know-how. Previously, they had approximately $2 mn in funding from Saama Capital.
Chai Point is one of the first few who envisioned a systematic Chai selling. With a lot of physical shops, portable chai vending machines in offices and a newly initiated to-the-door system, Chai Point appeals to the new generation of office-goers.
Amuleek Singh Bijral, the CEO and Co-founder of Chai Point, mentioned: Compared to coffee, the consumption of Chai as a beverage is 8-9 times more in India. The objective of Chai Point is to build an impeccable name for its new generation of office-goers, for whom Chai is an everyday affair. Our ideology is to bring about technical innovation in order to improve the visibility and availability of our brand. We will strive to focus our capital in this direction.
Shark, a cloud-based application, made by the firm, which links the customer purchase data, dispatch process, personnel administration, to-the-door system and accounts, etc. in one application.
Kabir Narang, Managing Director, Eight Roads Ventures, says: Chai Point’s strategy has been developed to make its product available to its target audience of ‘new generation office-goers. Their excellence on operations, the dispatch process and customer satisfaction, Chai Point has carved a niche for themselves and are one of the first national brands in the Food & Beverage space. We have been waiting to invest in the F&B space and we are confident and delighted to work with Chai Point’s amazing administration team.
Chai Point has spread across Bengaluru to Dehli to Pune. A new concept started by them – ‘Chai on Call’ where Chai is delivered in a one-time-use heated bottle, thus a fresh hot Chai , at your workplace. Who wouldn’t like that !
With an annual growth rate of 15% the Tea market in India amounts to over INR 33,000 crore. Over 90% of the beverage is consumed through independent vendors, which is not systematic as a business. Many new brands are aimed at bringing beverages like Chai to the busy and new generation of office-goers more conveniently.
Competitors like Chaayos, hailing from NCR region, who confidently we able to raise 5 million in capital from Tiger Global and Teabox, from siliguri has successfully raised USD six million from Accel Partners to spread Indian flavour of Chai in the world. Who would have thought that a business of selling a hot Indiam drink could be so profitable.