The Bengaluru-based startup that offers a premium tea brand with over 50 variants, TeaMonk (1) has secured 6.5 crore INR in Pre-Series A funding round. Inflection Point Venture, an angel investment firm, led the latest fundraise. Sarcha Ventures and Lead Angels also participated.
Moreover, US-based Dr. Madhu K Mohan of Eminent Endocrinologist in Washington DC and member of the Public Health Foundation of India, Anil Menon, the Senior Advisor to Chairman of World Economic Forum, and Jai Gupta also participated in the latest funding round.
Ashok Mittal, the Managing Director of the TeaMonk, commented on the latest development that the team is delighted to partner with IPV. It would take us a step forward with our vision to built a “sourced in India” international speciality tea brand.
TeaMonk to Expand its Footprint in the Global Market
Mittal added that during the resultant coronavirus lockdown, the company had observed a surge in consumer preference towards green tea and other healthier beverages.
TeaMonk has embraced the opportunity and launched a range of green tea variants that focuses on wellness and immunity. Some of the green tea variants include Kadha, Spice, and Ashwagandha. Notably, the company has observed a tremendous consumer response to these entrances.
Since its inception, TeaMonk has raised 23.5 crore INR funding. Moreover, the company plans to use fresh tranche to expand its footprint in global markets such as the US, Canada, and the UK. Furthermore, it would focus on product innovation and launch an exclusive subscription platform in the home market.
TeaMonk has the backing of Unilever’s former senior professionals and other marquee angel investors like Hunch Ventures, Roots Ventures, Rajat Gupta, Suresh Prabhala, Dr. Madhu Mohan, and others. The company claims that it has established itself as a reliable brand of customers of India and 20 other international markets such as Europe, the US, and the Middle East in the three-years of time.