Chai Point aims to become profitable in the next two quarters after overcoming the impact of Covid-19, said the tea and beverage company’s CEO on Wednesday.
Chai Point on Wednesday opened its first store in Amritsar, marking its entry in Punjab. The Bengaluru-based startup opened 18 stores across India since July and it plans to add 100 new outlets in the next 18 months.
The company, which was launched in 2010, runs 180 retail outlets in nine cities and it has installed its brewing systems in over 3,500 workplace community hubs in 43 cities.
Amuleek Singh Bijral, co-founder and CEO of Chai Point, said the business had recovered from a lull of almost two years due to Covid-19. “The numbers are going to be much higher than pre-COVID time this year. We are one of the few consumer tech companies with prospects of a positive EBIDTA in the immediate near future,” he said on the sidelines of the launch in Amritsar.
The company received its series C funding in December 2021 and it expects to get more financing in the next six to nine months.
Apart from retail outlets, Chai Point plans international expansion of its brewing system and packaged product divisions. “The cloud kitchen platform offers an opportunity for international expansion. We are the first brand to offer QR code for touchless beverage dispensing, without a need for installing any app,” Bijral said.
“We are excited to bring the Chai Point experience to a city known for its exceptional food culture. With our innovation-backed myChai™ brewing systems and a wide array of food offerings, we are looking forward to delighting our customers in Amritsar with an elevated Chai-led experience” he said.