Tea start-up Haazri raises seed funding from Artha Venture Fund1 min read . Updated: 07 Sep 2018, 04:24 PM IST
The funds will be deployed to open outlets in 20 new locations across Mumbai, the only city it is present in now
Haazri, a tea and snack quick service restaurant startup, has raised ₹ 1.25 crore seed funding from Artha Venture Fund. The firm serves tea, filter coffee and snacks in areas with “high corporate traffic".
The funds will be deployed to open outlets in 20 new locations across Mumbai, the only city it is present in now. Founded in April 2016 by Karan Shinghal, Arjun Midha and Dhruv Agarwal, former schoolmates, Haazri has 4 outlets and caters to 50 offices.
Part of the funds will also be used to recruit senior talent for business development, marketing and operations functions, the firms said in a joint statement released on Friday.
Commenting on the development, Artha Venture Fund’s managing partner Anirudh Damani said, “Hygiene and standardization have become imperative for millennials. They want every product to offer these qualities at an affordable price. Haazri checks off all these boxes and their low capex setup cost will allow them to scale rapidly. Therefore, they are an ideal candidate to operate as a franchise model."
Artha Venture Fund is a ₹ 200 crore category-1 alternative investment fund. The fund is backed by Artha India Ventures, the family office of Ashok Kumar Damani and Ramesh M Damani, and Singularity Ventures, the family office of Madhusudan Kela who formerly served as chief investment strategist at Reliance Capital.
“Our vision with Haazri is to raise the standard of the street food culture in India. Over the past six months, Artha has pushed us to shape our brand into a one-stop solution for the coveted 10-minute break from office. We are thrilled to have Anirudh Damani on board as a mentor. We consider Artha nothing less than a partner in this journey to grow Haazri," said Dhruv Agarwal.