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 per cent 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 per cent. The specialty teas account for 3 per cent of tea consumption in India by volume, but about 18 per cent by revenue,” the company said.
Pingback: Retail industry to see low double-digit growth in FY23: Shoppers Stop's Venu Nair