Homegrown tea-focused coffee chain Chaayos has raised $53 million as part of a Series C round led by Alpha Wave Ventures, the Tiger Global-backed company looking to capitalise on growth in cafes as the Covid-19 situation normalises the increased demand for restaurants is growing in most parts of the country.

Existing investors in Chaayos, including Elevation Capital, Tiger Global, and Think Investments, also participated in the round, the company said in a June 23 statement. Chaayos will use the new funding for technology improvements, hiring and store expansion, the company said.

Chaayos did not disclose the valuation at which the company raised funds, but it is reportedly valued at $240-250 million.

Chaayos competes with major players in teahouses such as Chai Point, Chai Thela and Tea Trails. Founded in 2012 by Saluja and Raghav Verma, Chaayos is a tea cafe chain with 190 stores in six Indian cities and plans to add 100 more by the end of 2022.