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Leading "chai" (tea) cafe chain <keyword id="2385736" type="General" weightage="20" keywordseo="chaayos" source="Orion">Chaayos</keyword> on Thursday announced it has raised $53 million in Series C funding led by Alpha Wave Ventures. The company said it will use the money for tech-enhancement, hiring and store expansion. The latest round saw participation from existing investors Elevation Capital, Tiger Global and Think Investments. Founded in 2012 by Nitin Saluja and Raghav Verma, Chaayos runs 190 stores across six cities and plans to add 100 more by the end of this year. "The latest capital raise will help us deepen our technology investments to further enhance our guest experience and build a ubiquitous brand that is an integral part of Indian society over decades to come," said Saluja, Founder and CEO. "We are also continuously on the lookout to hire talent to handle the scale that we aspire for," he added. At Chaayos, people can personalise their cup of tea in 80,000 combinations with IoT-enabled tea bots called 'Chai Monks', Which started off as a niche use case, Chaayos online Chai deliveries now account for 45 per cent of revenues, said the company. "A unique combination of innovations in food and drinks offerings, strong leverage of technology solutions and obsession over customer satisfaction has positioned Chaayos as a clear leader in their space," said Deepak Gaur, Partner, Elevation Capital. "We are impressed by the team's customer obsession, which is visible in its best in class unit economics and customer NPS," added Navroz Udwadia, Co-founder, Alpha Wave Global. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/apple-has-dropped-the-second-developer-beta-update-for-ios-16-with-revamped-message-filtering/articleshow/92404124.cms">Apple has dropped the second developer beta update for iOS 16 with revamped message filtering</a> <a href="https://www.businessinsider.in/finance/news/heres-what-card-tokenization-is-and-how-to-tokenize-debit-and-credit-cards/articleshow/92403898.cms">Here’s what card tokenization is and how to tokenize debit and credit cards</a>

Chaayos raises $53 million to enhance tech, expand store and hire more

Zepto, Dunzo among the next 122 unicorns from India — here's the complete Hurun list

New Delhi, Dec 30 () The government is expected to provide tax incentives to start-ups in the forthcoming budget to support the growth of budding entrepreneurs, sources said.
The Department for Promotion of Industry and Internal Trade (DPIIT) has suggested several measures to the finance ministry for start-ups in the budget.
The recommendations include extension of tax incentives to incubators supported under Atal Innovation Mission; reduction in GST (Goods and Services Tax) rates on AIF (alternate investment fund) management fees; and tax benefits on ESOPs, they said.
Start-ups need talented workforce and ESOPs are one of the best options to attract skilled people as giving just high cash payout add to the burden on cash-starved enterprises, industry players said.
 Tiger Global-backed tea cafe chain Chaayos founder Nitin Saluja said that there should be less tax on ESOPs.
"It should attract as little tax as possible. ESOPs are one of the best options for startups at their early stages," Saluja said. 
 Further fees charged by fund manager of AIF domiciled in India is liable to 18 per cent GST as it qualifies as a taxable supply.
 Sources said that reduction in GST rates will help India to become an investment hub.
 Startup India initiative of the government aims at fostering entrepreneurship and promoting innovation by creating an ecosystem that is conducive to growth of budding entrepreneurs.
There are 19 components under the Startup India action plan spanning across areas such as simplification and hand holding, funding support and incentives, and industry-academia partnership and incubation.
So far the department has recognised 26,619 startups. Of these, maximum were in the IT services space which was followed by healthcare and lifesciences, and education. 
 Finance Minister Nirmala Sitharaman is likely to present the Budget for 2020-21 fiscal on February 1, 2020. RR CS RR MR
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Chaayos raises $53 million to enhance tech, expand store and hire more

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Zepto, Dunzo among the next 122 unicorns from India — here's the complete Hurun list

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Govt may provide tax incentives for startups in Budget

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