Chaayos raises $21.5m in funding round led by Think Investments.
Mixing Up with Chai
Tea cafe chain startup Chaayos has raised $21.5m in a mix of equity and debt funding round led by Silicon Valley-based Think Investments.
The company raised $18.5m of primary capital from Think Investments and other investors, and $3m of venture debt from InnoVen Capital.
The financing round also saw participation of existing investors, including SAIF Partners and Tiger Global.
The proceeds from the round will be used by Chaayos to strengthen its technology and expand the team. A significant portion of the funding will also be used for opening 100 new stores by the end of this current fiscal. [Entrackr]
Theranos Founder Elizabeth Holmes has lashed back against charges that she defrauded patients who used her company’s blood tests.
Holmes argued that allegations against her that she misled patients should be dismissed since they are too vague, considering that the government can’t prove that people who got inaccurate test results were actually harmed.
Meanwhile, prosecutors say that they’ve got plenty of proof that Holmes and ex-Theranos President Sunny Balwani duped patients into relying on technology they knew was faulty, and put some of those people in peril by providing false lab results.
A trial is scheduled for August in San Jose, California. [Bloomberg]
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