Teamonk to expand in overseas market, to raise USD 5 million by next year

Specialty tea-brand Teamonk Global is planning to raise USD 5 million to expand its business in international markets.

It is also aiming to tap growing demand of green and black teas amid the COVID-19 pandemic.

Teamonk sells more than 60 variants of premium tea ranging from black teas, white teas, green teas and oolong teas amongst others.

The Bengaluru-based startup, 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.

"We sell pure and natural teas sourced from mountains like Nilgiri and Darjeeling, primarily through e-commerce platforms,” shared Ashok Mittal, Founder and MD. Teamonk Global.

Also Read: Teamonk Global raises $1 million in pre-series A round

Teamonk has strategic alliances with two tea processing units in Nilgiris. In Darjeeling, it has an alliance with two plantation companies having four tea gardens and a packaging unit in Bengaluru.

“The company's asset light e-commerce distribution model helps in scaling up the business. We will grow aggressive in international market where the price realisation is 2.5 times higher than the domestic market,” added Nalin Sood, CEO and Co-Founder, Teamonk.

The group is planning to raise funds by sometime in the middle of next year.

“We are expecting revenue of around Rs 10.5 crore this fiscal. The company has set a target to reach around Rs 30 crore turnover in 2021-22 and Rs 95 crore in 2022-23 financial years.

Started in 2016, it has so far raised USD 3 million from angel and institutional investors to grow its business. It is backed by Inflection Point Ventures, Hunch Ventures, Roots Ventures and Lead Angels.