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Private equity firm Paragon Partners recently led a series C round of funding for the organised tea firm Chai Point. The series C round also saw participation from all its existing investors including Eight Roads (Fidelity’s India PE arm), Saama Capital and DSG Consumer partners. Chai Point raised a funding of $20 million.
DCS Advisory India (earlier Signal Hill Capital) was the advisor to the company for this fund raise.
Chai Point is also set to further enhance it’s food menu and widen its offering as it looks to take on competitors such as Chaayos in the multi-channel tea market that is pegged at over Rs 1.5 lakh crore in India.
A substantial portion of the investment proceeds will go towards deepening the sales, marketing, and service operations for Chai Point’s automated hot beverage dispending business – boxC.in – which is the next growth driver for the business. boxC.in is the company’s fresh-milk based dispenser platform with over 2000 such units having been deployed in India.