Premium tea brand TeaMonk on Wednesday said it has raised Rs 3.5 crore from investors including Inflection Point Ventures to expand in domestic and global markets.
The funds raised in a pre-series A round will be utilized for domestic penetration and exploring uncharted territories in international markets, the company said in a statement.
TeaMonk is a wellness D2C (direct to consumer) brand launched in April 2017. 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 percent pure and natural, delicious tasting teas. 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 the pandemic.
"Global specialty tea market estimated at USD 5.8 million and India specialty tea market USD 500 million growing at a compound annual growth rate (CAGR) of 30 percent. The specialty teas account for 3 percent of tea consumption in India by volume, but about 18 percent by revenue," the company said.
(Edited by : Anand Singha)