Inflection Point Ventures, an early-stage angel investing platform, led a pre-series A financing of ₹3.5 crores for tea brand Teamonk.
The funds will be used to assist the company in expanding its domestic and international reach.
Ashok Mittal and Amit Dutta founded Teamonk, a direct-to-consumer packaged tea brand, in April 2017. Turmeric moringa green tea, Assam masala tea, and herbal infused teas are among the green and black teas available.
The company currently distributes its products in the United States, the United Kingdom, the United Arab Emirates, Canada, Germany, Australia, and India. Teamonk offers agreements with tea estates that can meet quality standards, simplify sourcing, provide vertical integration, and provide a managed supply chain.
According to Mittal, the pandemic has increased the demand for health and immunology products across all socioeconomic categories worldwide.
IPV is investing in the brand for the second time.
“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,” said Vinay Bansal, founder and CEO of Inflection Point Ventures.
Consumers are shifting to organic and healthy tea beverages that increase immunity, improve skin, provide anti-aging benefits, and improve mental alertness and attention.
“Consumers too are also willing to spend for an authentic cup of tea. Teamonk with their excellent product curation and innovation abilities have over 64 specialty tea variants and have 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,” said Bansal.