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Beverage startup, Roastea is eying Rs 100 crore turnover and 5,000 vending machines network by 2024-25.
"The company's tea and coffee vending machine business will be one of the key drivers of growth, and it aims to roll out over 1,500 such machines this year, aggregating to 2,500 machines," a company statement said
Roastea aims to have around 5,000 vending machines installed across corporates and open 40 cafes over the next two years (by 2024-25), it added.
Profitable since inception, Roastea aims to reach Rs 100 crore turnover by FY25, it stated.
Focused on corporates, IoT (Internet of Things) enabled modern vending machines are manufactured at Roastea's own contracted factory.
They offer fresh milk-based beverages with a unique selection of filter coffee and Indian masala chai and can serve over 20 beverages simultaneously.
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Roastea's co-founder Anurag Bhamidipaty said, "Vending machine business of Roastea is performing exceptionally well and serves as the primary growth driver for the company. In fact, our vending machines are outperforming competitors and rapidly gaining market share among both Indian and multinational companies".
Bhamidipaty anticipates a strong demand for such vending machines, with many companies transitioning to a nearly full return to the office.
Roastea has been conducting demonstrations in large multinational banks, corporate organisations and various industries.
"Our vending machines are known for their versatility, exceptional taste, and top-of-the-line service," he added.
Roastea is also developing chai machines specifically for the MSME and home segments in India and international markets.
The Ahmedabad-based startup aims to install an overall 7,500 vending machines by FY26 across India.
Bhamidipaty is also focussing on the B2C segment and plans to open 70 cafes by FY26.
"Our cafe and outlet offerings are distinct both in terms of coffee and food items. We operate our cafes as casual dining places, providing customers with multiple choices in tea and coffee, as well as specially curated food items that cannot be found elsewhere" he added.
To fund the expansion, Roastea aims to raise approximately Rs 20 crore in FY24 through a mix of equity, internal accruals and debt.
Earlier, the startup had secured around Rs 12-13 crore in funding from HNIs through equity and equity-linked sources.
Roastea was started in 2019 by lawyers turned entrepreneurs Anurag and Chaitanya Bhamidipaty in Ahmedabad. Currently, it has over 1,000 vending machines spread across 17 cities in India, serving more than 350 customers.
