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Chai Waale, a Chennai-based quick service restaurant (QSR) start-up, has raised ₹5 crore in funding from angel investors including Sunil Sethia, SunilKumar Singhvi, Manish Mardia, UNI-M Network, and celebrities Nayanthara and Vignesh Shivan.
Besides, private organisations such as unlisted Kart LLP from Bengaluru and Chennai-based Conscience Multi Family office are other investors who participated in the current round of funding.
“We are grateful to our existing investors who have shown so much faith in the brand that they have been integral in this round of funding, as well. 80 per cent of the current funding will be utilised in physical store expansion,” Vidur Maheswari, Founder, Chai Waale, said in a press release.
Chai Waale currently has 20 outlets in Chennai including in Anna Nagar, Kilpauk, Sowcarpet, George Town, T Nagar and SRM University. The QSR start-up said that the funding will help the beverage brand with physical and strategic expansion throughout the city.
“We aim to have 35 fully functioning stores by next year. Rest of the funds will be earmarked for marketing, expansion of back-end systems and managerial team,” Maheswari added.
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