The Indian tea chain has opened its 200th café in the Indian city of Bangalore and says it remains on course to add 100 more stores by the end of 2022
.jpg.aspx?lang=en-GB&width=700&height=460)
Chaayos has raised its growth outlook and is targeting 400 stores by the end of 2023 | Photo credit: Chaayos
Tea café chain Chaayos has reached its 200-store milestone in India and plans to reach 300 outlets by the end of the year.
In June 2022, Chaayos raised $53m in Series C funding, led by Alpha Wave Ventures, which it said would enable it to add 100 further stores to its footprint.
Founded in 2012, Chaayos, which only reached the 100-store milestone in September 2021, has now raised its growth outlook and is targeting 400 outlets by the end of 2023.
The company reported a 45% fall in revenues for the financial year ending 31 March 2021, highlighting the impact of trading restrictions on Indian café culture during the pandemic.
However, the tea chain’s rapid expansion since September 2021 indicates wider optimism in trading conditions across India’s branded café market.
In June 2022, fellow domestic brand Café Coffee Day announced its first stable finances since 2019 following a sustained period of mass store closures. It now operates nearly 500 stores and more than 45,000 vending machines across India.
International brands are also targeting the country for expansion, with Tata Starbucks reaching 270 stores across India at the start of 2022.
In June 2022, UK-based coffee and food-to-go chain Pret A Manger announced plans to launch up to 100 stores in India by 2028 as part of an agreement with new Mumbai-based franchise partner Reliance Brands Limited.
UK-based Costa Coffee opened 18 net new stores in 2021 and now operates around 50 locations in India.