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New Delhi, Jun 23 (PTI) Chaayos, which runs a tea restaurant, has raised $53 million (about Rs 414 crore) for business expansion and other works. The company plans to add 100 restaurants by the end of this year.

The company said in a statement on Thursday that it has raised this capital under the leadership of Alpha Web Ventures. All its existing investors… Elevation Capital, Tiger Global and Think Investments participated in this round of funding.

“The company will use the raised capital to advance technology, hire people, and expand stores,” Chaayos said in a statement.

Chaayos was founded in 2012 by Nitin Saluja and Raghav Sharma. It has around 190 stores in six cities. The company plans to open 100 more restaurants by the end of this year.

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