Premium Tea brand Teamonk has raised Rs. 3.5 Cr in a Pre-Series A round of funding led by Inflection Point Ventures.
The raised funds will be utilized for domestic penetration and exploring uncharted territories in international markets.
Taking this a step further, IPV also recently announced the launch of Physis Capital, a $50 million fund that will be used in part to support growth-stage startups from the current IPV portfolio as part of its winner’s strategy.
Speaking on the funding round, Vinay Bansal, Founder & CEO of Inflection Point Ventures, said, “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 by the goodness of taste & health benefits such as antioxidant, immunity booster, enhancement in skin, anti-aging benefits, boost in mental alertness and concentration, and much more. Consumers are also willing to spend for an authentic cup of tea.”
“Teamonk with their excellent product curation and innovation abilities has over 64 specialty tea variants and has 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,” Bansal added.
Commenting on the fundraise, 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”.
Teamonk is currently distributing in countries like the US, UK, UAE, Canada, Germany, Australia, and India and establishing a remarkable imprint in the global specialty tea market. The brand has launched a wide range of green teas with Ayurvedic ingredients during Covid.