Bengaluru-based premium tea brand Teamonk has raised Rs 3.5 crore ($456K) in a pre-Series A funding round led by Inflection Point Ventures, a Gurugram-based angel investment firm.
Amit Dutta and Ashok Mittal co-founded Teammonk in April 2017. Teamonk says it combines the natural goodness of ‘Green Tea’ high in antioxidants with their expert knowledge of Ayurveda and Plant Botanic contributing to significant immunity building and wellness.
Ensuring ‘Fresh from Gardens’ product without compromising the 100% pure, natural, and signature taste experience combined with unparalleled wellness benefits delivered within a compressed time frame to the customers.
According to the company’s statement, The raised funds will be utilized for domestic penetration and exploring uncharted territories in international markets.
The D2C brand has an international presence and currently distributing its products in the US, UK, UAE, Canada, Germany, Australia, and India. It has launched a wide range of green teas with Ayurvedic ingredients during Covid. The value of the brand resonates with that of the monk building an impeccable brand reputation. A single-minded proposition of ‘looking good and feeling good’ and a driven mindset to fulfill customers’ needs through their range of 100% pure and natural, delicious tasting teas.
Ashok Mittal, Managing Director, Teamonk said: “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% pure and natural, delicious tasting teas”.
“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 & healthy tea beverages which are accompanied with the goodness of taste & health benefits such as antioxidant, immunity booster, enhancement in skin, anti-aging benefit, boost in mental alertness and concentration and much more,” said Vinay Bansal, Founder & CEO, Inflection Point Ventures.
“Consumers too are also willing to spend for an authentic cup of tea. Teamonk with their excellent product curation and innovation abilities have over 64 specialty tea variants and have 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,” Vinay Bansal adds.
The global specialty Tea market is estimated at US$5.8 billion and India’s specialty tea market is US$500 million growing at a CAGR of 30%. The specialty teas account for 3% of tea consumption in India by volume, but about 18% by revenue. With an existing habit of tea consumption in the country, Teamonk is offering a pure and natural range of delicious and exotic tasting green teas infused in Triphala, Ashwagandha, Brahmi and Kadha contributes to significant immunity building and wellness, it said.
Market has untapped potential, leveraging immense experience of founders in the tea industry, Teamonk has accomplished successful contracts with tea plantations who can produce as per quality standards, simplify sourcing, vertical integration and controlled supply chain to deliver quality range of teas, it adds.