Teamonk Raises INR 3.5 Crore In Pre-Series A Funding, Led By Inflection Point Ventures The fund will be utilised for the brand's domestic penetration and exploring uncharted territories in international markets
By Teena Jose
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Teamonk, a D2C tea brand that offers more than 50 variants of premium tea, has raised INR 3.5 crore in pre-Series A funding round, led by Inflection Point Ventures (IPV). This is IPV's second round of investment in Teamonk. The fund raised will be used for the brand's domestic penetration and exploring more regions of international markets.
"Covid has further heightened the need for wellness and immunity across socio-economic groups globally. We are delighted to fulfil this need through our range of 100 per cent pure and natural teas," said Ashok Mittal, managing director, Teamonk.
Teamonk is currently distributing in countries such as US, UK, UAE, Canada, Germany, Australia and India. The brand has launched a wide range of green teas with ayurvedic ingredients during Covid. Teamonk has accomplished contracts with tea plantations that can produce according to the company's quality standards to deliver wide range of teas, claimed the brand in a statement.
"Teamonk has more than 64 tea variants and innovative production capabilities. Consumers are also willing to spend for an authentic cup of tea. IPV continues to support them in their endeavour to provide the best to tea consumers not only in India but also in the global market," said Vinay Bansal, founder and CEO, IPV.
Founded in April 2017 by Ashok Mittal and Amit Dutta, Teamonk is a wellness D2C brand, envisioned accomplishing the concept of fresh-from-gardens to the consumer within a compressed timeframe.
As per the reports, the global tea market size is estimated to reach $68,950 million by 2027 with a CAGR of 6.6 per cent from 2020 to 2027. The consumption volume of tea in India was approximately 1.1 billion kilograms in FY21.
