Advertisement

Business

Updated on: Monday, November 29, 2021, 11:23 AM IST

Jade Forest raises $1 mn funding led by Mumbai Angels Network

Launched in August 2019 by two experienced entrepreneurs in the F&B industry - Shuchir Suri and Punweet Singh, Jade Forest is currently growing at 15-20 percent MoM.  | Jade Forest

Launched in August 2019 by two experienced entrepreneurs in the F&B industry - Shuchir Suri and Punweet Singh, Jade Forest is currently growing at 15-20 percent MoM. | Jade Forest

Advertisement

Jade Forest, a non-alcoholic beverage brand, has raised funding of $1 million in a round led by Mumbai Angels Network, a platform for early-stage investments along with other investors.

The funds will be utilised towards further geographical expansion and launch into the Ready-to-drink beverage segment.

Launched in August 2019 by two experienced entrepreneurs in the F&B industry - Shuchir Suri and Punweet Singh, the company is currently growing at 15-20 percent MoM.

Consumers became a lot more aware of the ingredients that were listed on the backs of product labels and the need for “better-you-drinks” was what propelled overall sales, the company said in a press release. The products are currently priced between Rs. 80 and Rs. 85 for a 250ml glass bottle and are now available in all major metros in the country, taking consolidated presence to over 23 cities pan India.

The company has previously raised a Seed round of $250K in November 2020 and has exceeded all target and milestone expectations since then.

Taking an omnichannel sales approach, the company sells through a number of offline retail channel partners and last-mile delivery platforms as well as through its own e-commerce website and Amazon.

Nandini Mansinghka, Co-Founder and CEO of Mumbai Angels Network further added, “This funding is a testament to the brand’s remarkable growth and progress. We believe that the fresh capital will allow them to achieve their goals, and further scale the business.”

Punweet Singh, Co-founder, Jade Forest said, “Apart from this, we have invested and continue to grow our digital marketing efforts and hope to reach a larger consumer base. We use a combination of digital performance ads, social media content, and brand collaborations and tie-ups.”

The brand plans to expand its portfolio of drinks into different verticals as well as venture into the export market in the coming years.

Shuchir Suri, Co-Founder, Jade Forest, said, “Post-COVID, the Indian consumer has not only become more health-conscious but prefers homegrown products that are transparent with their ingredients and supply chain. We believe the market is massive and ripe for disruption and with Jade Forest, we plan to capture the market with regular innovative launches.”

(To receive our E-paper on whatsapp daily, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)

Published on: Monday, November 29, 2021, 11:23 AM IST
Advertisement