Bangalore based Teamonk, a tea company has raised Rs 3.5 Crore in its pre-Series A funding round from Inflection Point Ventures.
The startup plans to use the funds for domestic penetration and explore uncharted territories in international markets.
Founded in 2017 by Amit Dutta and Ashok Mittal, Teamonk is a wellness D2C brand offering exclusive quality pure and natural specialty teas sourced from the finest tea gardens of Darjeeling, Nilgiris and Assam.
The company comprises an excellent range of Black, Green, Oolong and White specialty teas prepared by tea enthusiasts.
The company is currently distributed in countries like US, UK, UAE, Canada, Germany, Australia, and India.
The company has also launched a wide range of Green Tea with Ayurvedic ingredients during the COVID pandemic.
“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”, said, Ashok Mittal, Managing Director, Teamonk.
The global specialty tea market is estimated at $5.8 billion and India’s specialty tea market is estimated at $500 million, growing at a CAGR of 30%. Typical tea in India accounts for 3 per cent of tea consumption by volume, but about 18 percent by revenue.
“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 and healthy tea beverages which are accompanied with goodness of taste and health benefits such as antioxidant, immunity booster, enhancement in skin, anti-aging benefit, boost in mental alertness and concentration and much more. Consumers too are also willing to spend for an authentic cup of tea. Teamonk 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”, said, Vinay Bansal, Founder & CEO, Inflection Point Ventures.
Teamonk is India’s first tea venture offering exclusive quality pure and natural specialty teas sourced from the finest tea plantations in Darjeeling, Nilgiris and Assam. The teas include an exquisite range of Black, Green, Oolong and White specialty teas curated by tea connoisseurs at Teamonk. Most of these teas are exported around the globe and are normally not available in India.
Teamonk leverages its strategic alliance with the best tea plantations in India to exclusively source these specialty teas. Their exclusively curated products deliver an unmatched authentic tea taste and after taste experience. Teamonk repositions tea as an exciting and refreshing beverage underpinned with the category benefit of looking good and feeling good. Their Unique Proposition: 100% Pure & Natural specialty teas: with only pure & natural ingredients.