The corporate sells greater than 60 variants of premium tea starting from black teas, white teas, inexperienced teas and oolong teas.
Teamonk, which was based in 2016, has up to now raised $3 million from angel and institutional buyers to develop its enterprise. It’s backed by Inflection Point Ventures, Hunch Ventures, Roots Ventures and Lead Angels.
“We promote pure and pure teas sourced from mountains like Nilgiri and Darjeeling, primarily by means of e-commerce platforms,” Mittal instructed .
Nalin Sood, CEO and Co-Founder, Teamonk, mentioned the corporate’s asset mild e-commerce distribution mannequin helps in scaling up the enterprise.
Teamonk has strategic alliances with two tea processing items in Nilgiris. In Darjeeling, it has an alliance with two plantation firms having 4 tea gardens. It has a packaging unit in Bengaluru.
“We’re elevating Collection A funding of $5 million someday in the course of subsequent 12 months,” mentioned Mittal, who has round 4 many years of expertise within the tea enterprise.
The fund will likely be utilised to develop enterprise primarily in worldwide markets.
Requested about progress in revenues, Mittal mentioned the corporate posted a turnover of Rs 6.76 crore final fiscal 12 months, of which 45% got here from exports.
“We predict income of round Rs 10.5 crore this fiscal,” he mentioned.
Mittal mentioned the corporate has set a goal to achieve round Rs 30 crore turnover in 2021-22 and Rs 95 crore in 2022-23 monetary years.
“We’ll develop aggressive in worldwide market the place the worth realisation is 2.5 occasions increased than the home market,” Sood mentioned, including that exports would contribute 75% of the enterprise in coming years.
Teamonk is current in key worldwide markets together with the US, Canada, the UK, France, Spain, Italy and the Netherlands and can launch merchandise in Poland, Germany and Japan within the subsequent 15 months.
The worldwide specialty tea market is estimated to be $5.8 billion. The marketplace for speciality tea in India is estimated to be round Rs 3,500 crore and has been rising at round 30% year-on-year, Teamonk mentioned.
Teamonk competes with manufacturers like Vahdam India and Teacupsfull.
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