[Funding Alert] TeaMonk Raises INR 6.5 Crore In Pre-series A Round
Funds will be used for expansion in domestic and international markets, product innovation and launch of subscription platform for the home market
Bangalore-based tea brand, TeaMonk, has raised INR 6.5 crore in pre-series A round led by Inflection Point Ventures (IPV). Sarcha Ventures and Lead Angels participated in the round as well.
Backed by former Hindustan Unilever Limited (HUL) professionals, the company plans to launch a subscription-based platform in India to further strengthen its presence in the home market.
TeaMonk managing director Ashok Mittal said, “We are delighted to partner with IPV towards our vision of building a ‘sourced in India’ international specialty tea brand. During the pandemic, we have seen a marked increase in consumer preferences towards healthier beverages like green tea. We have seized this opportunity to launch a range of green tea variants focused on immunity and wellness. This includes kadha green tea, spice green tea and ashwagandha green tea. There has been terrific consumer response to these introductions.”
The specialty tea market is estimated at $5.8 billion globally whereas in India, the market size is approximately $450 million growing at 30 per cent compounded annual growth rate.
IPV founder and chief executive officer Vinay Bansal, in a supporting statement, said, “Tea is a socially connecting beverage. India is one of the largest consumers and exporters of tea in the World. TeaMonk presents us with a large market opportunity in premium green tea where few players are growing fast.”
“We see premium green tea market exploding in the next three years as more people choose high immunity tea that tastes great, for maintaining their overall health. The large market opportunity internationally and relevance of tea in Indian narrative has prompted us to lead the round in TeaMonk,” adds Bansal.
Founded in 2016, TeaMonk has raised INR 23.5 crore of funding till date and plans to use the current funding for further market expansion in global markets.