Chaayos posts Rs 237 Cr revenue in FY23; losses spike 34%

Following an impressive 145% growth in its scale during FY22, Tiger Global-backed tea cafe chain Chaayos continued its growth journey in the fiscal year ending March 2023 to cross Rs 230 crore revenue mark.

Chaayos’s revenue from operations grew by 75.6% to Rs 237 crore in FY23 from Rs 135 crore in FY22, according to its consolidated financial statements filed with the Registrar of Companies (RoC).

Financial FY23


Operating Revenue

Total Expense


Amount in ₹ Cr

The 11-year-old company sells a variety of teas and other snacks and beverages with dine-in, takeaways, and online ordering facilities. The sale of its products is the primary source of revenue for Chaayos.

According to the website, the company has 200 cafes across the country. It also aims to have around 400 cafes in the next few years.

Being a chai and snacks seller firm, the cost of material consumed accounted for 25% of the overall expenditure. In the line of scale, this cost grew 62.3% to Rs 86 crore in FY23 from Rs 53 crore in FY22. Its employee benefit cost also increased by 53% to Rs 78 crore in FY23.

The cost of rent of opening cafes, advertising cum promotional expenditure, legal/professional fees, and other overheads catalyzed the firm’s total cost by 65.4% to Rs 349 crore in FY23 from Rs 211 crore in FY22.

See TheKredible for the detailed expense breakup.

Expenses Breakdown

Total ₹ 211 Cr
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Total ₹ 349 Cr
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  • Cost of material consumed
  • Employee benefit expense
  • Rent
  • Advertising promotional expenses
  • Commission paid sole selling agents
  • Othes

At the end, Chaayos’ losses also increased 33.8% to Rs 95 crore in FY23 from Rs 71 crore in FY22. Its ROCE and EBITDA margin improved to -29% and -27% respectively. On a unit level, it spent Rs 1.47 to earn a rupee in FY23.


FY22 FY23
Expense/Rupee of ops revenue ₹1.56 ₹1.47
ROCE -75% -29%
EBITDA Margin -41% -27%

The company had cash and bank balances of Rs 183 crore while the total current assets including receivables and investments stood at Rs 266 crore during the previous fiscal year ending March 2023

Chaayos has raised over $90 million across rounds and is valued at around $240 million. According to the startup data intelligence platform TheKredible, Tiger Global is the largest stakeholder with 18.68% followed by Elevation Capital and Alpha Wave. Its co-founders Nitin Saluja and Raghav Verma command 10.5% of the company. Check TheKredible for the complete captable.

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