Tea brand Teamonk has announced it has raised Rs. 3.5 crore in a pre-Series A round led by Inflection Point Ventures. The funds raised will be utilized for domestic penetration and exploring uncharted territories in international markets.
Teamonk is a wellness D2C brand launched in April 2017 by founders Amit Dutta and Ashok Mittal. Teamonk is currently distributing in countries like the US, UK, UAE, Canada, Germany, Australia and India. The brand has launched a wide range of green teas with Ayurvedic ingredients during COVID.
Ashok Mittal, Managing Director, Teamonk says, “COVID has further heightened the need for wellness and immunity across socio-economic groups globally. We are delighted to fulfill this need through our range of 100 percent pure and natural, delicious tasting teas”.
Vinay Bansal, Founder & CEO, Inflection Point Ventures says, “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. Consumers are now moving to organic and healthy tea beverages which are accompanied with goodness of taste andhealth benefits such as antioxidant, immunity booster, enhancement in skin, anti-aging benefit, boost in mental alertness and concentration and much more. Consumers too are also willing to spend for an authentic cup of tea. Teamonk 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.”
Global specialty tea market estimated at $5.8 billion and India specialty tea market $500 million growing at a CAGR 30 percent. The specialty teas account for 3 percent of tea consumption in India by volume, but about 18 percent by revenue.