Specialty tea model Teamonk World Meals Pvt. Ltd stated Tuesday it has raised Rs 6.5 crore ($889,000) in a pre-Collection A funding spherical led by angel community Inflection Level Ventures.
Sarcha Ventures, a part of multi-family workplace Sarcha Advisors, and angel funding platform Lead Angels additionally participated on this spherical, Teamonk stated in a press release.
Three US-based high-net-worth people invested as properly. They’re Madhu Ok Mohan, an endocrinologist and a member of the Public Well being Basis of India; Anil Menon, senior adviser to chairman of the World Financial Discussion board; and entrepreneur Jai Gupta.
The corporate will use the contemporary capital to broaden within the US, the UK and Canada. It additionally plans to deploy the funds to begin a subscription-based platform in India to spice up its home presence.
Teamonk, which was launched in 2016 by former Unilever executives Ashok Mittal and Amit Dutta, stated it has thus far raised Rs 23.5 crore.
The startup had final raised funding from Lead Angels in Might.
Final yr, VCCircle reported that enterprise capital agency Hunch Ventures and Rajat Gupta, a former worldwide head of consulting agency McKinsey & Co., amongst different particular person buyers invested within the specialty tea agency.
Teamonk gives a spread of pure fruit- and flower-based inexperienced teas like mango, hibiscus and chamomile, other than herb-based inexperienced teas and Japanese Matcha inexperienced tea. It additionally sells natural infusions like turmeric-ginger, peppermint and tulsi-ginger.
The corporate competes with the likes of speciality tea e-tailer Vahdam Teas Pvt. Ltd in addition to Bengaluru- and Singapore-based AsianTeaxpress Pte. Ltd, which runs specialty tea e-tailer Teabox.com.
In October final yr, enterprise capital agency Sixth Sense Ventures led a Collection C funding spherical in Delhi-based on-line retailer Vahdam Teas.
Teabox raised funding from Dubai-based NB Ventures, the household workplace of Neelesh Bhatnagar, in July final yr. It additionally counts Accel and Singapore-based VC agency JAFCO Asia amongst its different backers.
Within the broader tea retail sector, Tiger World-backed Chaayos and Chai Level are among the many different corporations. In April 2018, Chai Level raised $20 million in a Collection C spherical of funding led by non-public fairness agency Paragon Companions.
Inflection Level Ventures is an angel community based by senior finance professionals from startups reminiscent of Myntra and BookMyShow.
The angel community has been actively making bets on startups since its launch in 2018. It has invested over Rs 100 crore throughout greater than 35 startups.
A few of its latest bets embrace Web of Issues-based startup Eden Houses, e-sports content material platform AFK Gaming, snack-focused cloud kitchen platform Samosa Get together Meals and ed-tech startup Edvizo. In June, it additionally led an funding in Milkbasket, a fairly late-stage guess for Inflection Level Ventures.
In a VCCircle Podcast, its CEO Vinay Bansal talked in regards to the angel community’s urge for food for bigger offers.