TeaMonk, a Bengaluru-based premium tea brand, has raised ₹6.5 crore in pre-Series A round led by angel investment platform Inflection Point Ventures (IPV), with participation from Sarcha Ventures and Lead Angels.
Additionally, US-based high networth individuals Madhu K Mohan (an endocrinologist in Washington DC and member of Public Health Foundation of India), Anil Menon (Senior Advisor to Chairman, World Economic Forum) and Jai Gupta (Entrepreneur) also participated in the round. The HNIs participated in their personal capacity, the company said in a statement.
“We see the premium green tea market exploding in the next three years as more people choose high-immunity tea, that tastes great, for maintaining their overall health. The large market opportunity internationally and relevance of tea in Indian narrative has prompted us to lead the round in TeaMonk,” said Vinay Bansal, Founder and Chief Executive Officer at IPV.
Global expansion plans
TeaMonk has raised a total of ₹23.5 crore funding to date and plans to use the current funding for further market expansion in global markets like the US, the UK and Canada. The company also plans to launch a subscription-based platform in India to further strengthen its presence in the home market.
Started in 2016, TeaMonk is backed by former Unilever senior professionals. The company counts marquee angel investors like Roots Ventures, Hunch Ventures, Suresh Prabhala, Rajat Gupta, Madhu Mohan, Piyush Pandey, Sanjay Khosla, Raj Makkam, Jai Gupta and Lead Angels.
The global specialty tea market is estimated at $5.8 billion.