Teamonk Global plans to raise USD 5 million to expand its business in overseas markets and tap growing demand of green and black teas amid the COVID-19 pandemic, a top company official was quoted by news agency PTI as saying. The Bengaluru-based startup, which markets specialty teas, expects its revenue to grow by 55 per cent this fiscal to Rs 10.5 crore and over Rs 30 crore in 2021-22 despite the disruption caused by the pandemic, its founder and MD Ashok Mittal told PTI.
The company sells more than 60 variants of premium tea ranging from black teas, white teas, green teas and oolong teas.
In October 2020, the brand raised Rs. 6.5 crore in Pre-Series A round led by Inflection Point Ventures, one of India’s largest angel investment platforms in India.
Teamonk, which was launched in the year 2016, has raised Rs 23.5 crore funding till date and plans to use the current funding for further market expansion in global markets like the US, UK and Canada. The company also plans to launch a subscription-based platform in India to further strengthen their presence in the home market.
“We are growing significantly and expect to deliver Rs 150 crore GMV in next 4 years,” Mittal had told Indiaretailing Bureau in a 2019 interview.
It is backed by Inflection Point Ventures, Hunch Ventures, Roots Ventures and Lead Angels.
TeaMonk in a short span of 3 years has established itself as a trustworthy brand for its customers in India and 20 international markets like the US, Europe, Middle East and Japan. The Company has built their business around fresh teas which are sourced from the top tea gardens in India and have built a robust supply chains to ensure shortest go to market time in order to preserve freshness of the tea leaves.
The specialty tea market is estimated at US$ 5.8 billion globally. In India, the market size is approximately US$ 450 million growing at 30 percent CAGR.