India-based brand Teamonk managed to raise 3.5 crores in pre-series A round that was led by an early stage angel investing platform – Inflection Point Ventures (IPV). This fundraise carries a lot of value for the brand as it will help the company expand its reach in the domestic and international markets.
Spearheaded by Ashok Mittal and Amit Dutta, Teamonk is direct to a consumer package tea brand launched in April 2017. The company provides a range of black and green teas and the
varieties include turmeric moringa green tea, Assam masala tea, and several other herbal-infused tea varieties.
Currently, the company exports its products to several countries like the USA, UK, UAE, Canada, and Germany apart from distributing it domestically. The company has tied up with the owners of tea plantations. Through simplified sourcing, vertical integration, and a controlled supply chain, Teamonk makes the best quality tea varieties available on demand.
As the world reeled under the pandemic effect, the importance of wellness came to the forefront. Many people adopted healthier ways of life, and healthy tea varieties have seen an upsurge due to this developing lifestyle trend. “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 behaviour globally,” said Vinay Bansal, founder and CEO of Inflection Point Ventures.
The last two years have seen many tea consumers moving to healthier options for immunity boosting, enhancement of skin, anti-ageing, and mental alertness properties of green and herbal teas. Bansal adds, “Consumers too are also willing to spend for an authentic cup of tea. Teamonk with its excellent product curation and innovation abilities has over 64 specialty tea variants and has 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.”
The tea market remains a flourishing playfield for businesses as India is one of the biggest tea consumers. The global speciality tea market size is estimated to be $5.8 billion, and India’s share is approximately $500 million. It continues to grow at a CAGR of 30%. Even though the speciality tea market is only at 3% currently, it is expected to grow consistently in the years to come.
IPV Funding News Covered On
- Happylocate Secures $1.1 million in Pre-series Round Lead by IPV
- Almo Secures $2 million in Pre-Series Funding
- $2.8 Million in Pre-Series A Round Funding for Freed