Gurugram-based non-alcoholic beverage brand Jade Forest has raised $1 million (about Rs 7.5 crore) in a new funding round led by Mumbai Angels Network, a platform for early-stage investments along with the participation from other investors.
According to a statement, Jade Forest will utilize the raised capital to expand the reach of the premium cocktail mixer as well as enter the ready-to-drink beverage segment.
Earlier in November 2020, The company had raised a Seed round of $250,000 from Gaurav Kapur, Rohan Abbas, Ashish Tulsian, and Angel List India, among others.
Jade Forest was launched in August 2019 by two industry experienced entrepreneurs — Shuchir Suri and Punweet Singh. The brand retails across the country’s top metros; in all, it is available in 23 cities pan India. It also sells its products through online marketplaces like Amazon and other last-mile delivery platforms.
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.
Additionally, Jade Forest plans to expand its portfolio of drinks into different verticals as well as venture into the export market in the coming years. The company is currently growing at 15-20% MoM, it claims.
“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,” Shuchir Suri, Co-Founder, Jade Forest, said.
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.”
Speaking on the investment, Nandini Mansinghka, Co-Founder & CEO of Mumbai Angels Network 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.”