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Chai Waale posts 19% rise in topline in FY24, losses persist

  • October 23, 2024
  • By Team TheKredible
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Chai Waale reported a 19% rise in revenue in FY24, rising to Rs 18.86 crore compared to Rs 15.81 crore in FY23.

Founded in 2018 by Vidur Maheshwari, Chai Waale is a tea brand that specializes in a variety of flavored chai and snacks. The brand operates cafes and quick-service restaurants (QSRs) for dine-in experiences and partners with Swiggy and Zomato for delivery services.

The Chennai-based company has raised a total of Rs 12.27 crore in funding over 3 rounds, with the latest being a seed round led by investor Solaiyappan Ramaiah in July 2022. Chai Waale’s current valuation stands at over Rs 50 crore.

Vidur Maheshwari holds the majority of shares at 40%, followed by Kishore Kumar and Vidur Udyog (OPC) Pvt Ltd. Additionally, around 5% of shares are allocated to the ESOP pool.

In line with the revenue increase, expenses rose to Rs 20.68 crore in FY24, up from Rs 15 crore in FY23. The cost of materials accounted for 38% of total expenses, followed by notable spending on employee benefits, advertisements, and legal and professional fees.

The company’s losses remained flat at Rs 1.83 crore, almost matching the previous year’s figure.

The company’s current EBITDA margin improved to -5.57%, while ROCE worsened to -20.88%.