BackTeamonk raises ₹3.5 crore in pre-series A round led by Inflection Point
The fundraise will help the company expand its reach in domestic market as well as expand presence in international markets.
PremiumNew Delhi: Tea brand Teamonk has raised ₹3.5 crore in a pre-series A round led by Inflection Point Ventures—an early-stage angel investing platform.
The fundraise will help the company expand its reach in domestic market as well as expand presence in international markets.
Teamonk, a direct-to-consumer packaged tea brand, was launched in April 2017 by Ashok Mittal and Amit Dutta. It sells a range of green as well as black teas such as turmeric moringa green tea, Assam masala tea along with herbal infused teas.
The company is currently distributing its products in countries like the US, UK, UAE, Canada, Germany, Australia and India. Teamonk has contracts with tea plantations who can produce as per quality standards, simplify sourcing, vertical integration and offer a controlled supply chain for the company.
The pandemic has heightened the need for wellness and immunity products across socio-economic groups globally, said Mittal.
This is IPV’s second investment in the brand.
“While tea has been a universal and most preferred everyday antioxidant drink, the last few years have witnessed a tectonic shift in the consumer consumption behavior globally," said Vinay Bansal, founder and CEO, Inflection Point Ventures.
Consumers are now moving to organic and healthy tea beverages with immunity booster, enhancement in skin, anti-aging benefit, boost in mental alertness and concentration.
“Consumers too are also willing to spend for an authentic cup of tea. Teamonk with their excellent product curation and innovation abilities have over 64 specialty tea variants and have created exactly what is needed in the market. The brand is all set to emerge as a leader in the specialty tea segment and IPV continues to support them in their endeavor to provide the best to tea consumers not only in India but also in the global market," said Bansal.
India is a large tea consuming and producing market with the presence of several large as well as small branded tea players.
The global specialty tea market estimated at $5.8 billion; in India the specialty tea market is estimated at $500 million growing at a CAGR of 30%. However, specialty teas account for 3% of tea consumption in India by volume.
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