Bangalore: In a quite surprising event yesterday, Raju Chaiwala confirmed with My Faking News and Mystory that he completed Series A funding yesterday with a single round that saw amazing 1 million funding from Cheetah Local, a global venture management company who has been betting on Indian startups like a pro juari.
Talking to excited CEO of the startup about the funding, Mr.Raju Bhai, said that its time for local businesses like Chai Tapris should scale up and get established as a brand. “My traction is 10 times more than Wannabe food ordering App, why should I restrict myself” he quoted. He explained that the funding raised will be used for acquisitions and expanding its presence to multiple cities. Raju Chaiwala already has a major presence in nearby slum and IT park and majority of employees from Infogenesis and CCS are a fan of Raju’s tea-sutta combo.
Sources also quote that Mr. Raju is in talks with HardBank & Expel Partners for another major round of funding, but Raju neither confirmed nor denied for it.
“We are looking to acquire Yadav Bhaiya’s tea stall, which has a great presence on the eastern side. Also we have to build our mobile platform in coming months,” he said.
Raju Bhai has confirmed that within next 6 months they will launch their App on both Android and iOS platforms. 14 year old child prodigy, Mr. Chotu, also COO of now Raju Tea Pvt Ltd, stated that apart from improving logistics for tea such as five minute delivery guarantee and cashless payments, they are also targeting to woo customers with combos deals such as Chai-Vadapav-Sutta and Chai-Sutta-Chewing gum. With this funding, we will hire quality talent who can make tea on the go while delivering, to ensure best service and hottest chai available in the market, he said.
Upon asking long term plans for Raju Tea, Mr. Raju explained that he has ambitious goals for the startup. He plans to convert this business to a franchise based Tapri model, where every IT guy in this country can have Raju’s services in a hassle free manner. Looking upon this incident, we can surely say that the Indian startup scene is definitely picking up with million dollar fundings in superlocal ventures.