Meet Raghav Verma, IIT alumnus who left high-paying job to build Rs 2051 crore chai business

Even in the sweltering heat, many people still love this beverage since chai and Indian culture appear to have a unique connection. IIT graduates from Delhi who saw a need for a chain centred on chai in the Indian market founded Chaayos, a company with a 134.9 crore rupee annual sales. This is the tale of Raghav Verma, co-founder of a successful, multi-billion dollar chai business.

Who is Raghav Verma?

Raghav Verma, co-founder of Chaayos, studied chemical engineering at the Indian Institute of Technology, Delhi, where he received both his Bachelor's and Master's degrees. Co-founder Nitin Saluja had the concept to start a tea shop that would provide real and personalised chai in a cosy and welcoming setting. Two years later, while working at the US consulting company Opera Solutions, Nitin spoke with his buddy and coworker Raghav Verma about this ambitious concept.

Nitin and Raghav left their lucrative positions in 2012 to start their own business, motivated by their love of tea and desire to do something special. They gave their business the name "Chaayos," a combination of the words "chai" (Hindi for tea) and "chaos" (to signify the experimental character of their chai recipes).

Raghav Verma’s entrepreneurial journey

Raghav Verma co-founded PrepSquare, nevertheless, as a result of his passionate entrepreneurial spirit and significant interest in the use of technology in a variety of fields. He spent two years with Opera Solutions as a business analyst. Raghav was on the Forbes 30 Under 30 Asia list as well.

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Chaayos' adventure began with the opening of its first location in Delhi's DLF Cyber City in November 2012. Customers responded well to their distinctive strategy for chai and the cosy atmosphere of their cafés, which sparked fast development.

Today, Chaayos has more than 200 locations throughout India's main metropolises, offering around 100,000 cups of chai daily, Financial Express reported. The chai chain has locations in Bengaluru, Mumbai, and Delhi-NCR. In a series C round last year, the business secured 53 million dollars at an undisclosed value.

According to Money Control, the projected worth was in the range of 240–250 million dollars (about Rs. 2051 crore) in 2022, although the company did not reveal the valuation at which it raised the funds. The business reported sales of Rs 134.9 crore for FY 2022.