 "Chaayos plans to open 300 outlets; brings ex-Jubilant CEO as chief advisor")
Chaayos, the tea-centred cafe chain, is expanding by opening around 300 outlets in the next five years. It is planning to launch an Initial Public Offering (IPO) of equity and going abroad.
The company has appointed Ajay Kaul, former Jubilant Foodworks’ chief executive officer (CEO) as chief advisor. The company says it hopes to replicate the success of Domino’s Pizza under Kaul. Currently, he is a senior director at Everstone Capital.
“I want to make the company grow at a much faster pace than the industry,” said Kaul.
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The Tiger Global-backed chain's plan for an IPO have no deadline. “Certainly in the future. But, it is too far away,” said Nitin Saluja, founder and CEO, Chaayos. Adding: “In the past five years, we have invested in building our foundation and are ready for a scale-up,” Saluja added.
As far as taking the chain abroad, Saluja said, “It is on our mind but not in the near term.”
The company has developed a customised Internet of Things-based tea-making machine, ‘Chai Monk’. It has deployed these in seven cafes and plans to place it at all cafes by the end of the year. The company has plans to partner corporates. The company has around 50 outlets. Last year, the company went on an expansion spree, opening 25 stores.
Saluja said the company would be making an operating profit by the end of 2018-19.
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