[Funding alert] Goa-based premium tea brand Tea Trunk raises $220K
The startup said it plans to use the funds to expand its product line of health-focused teas, launch innovative products, and to strengthen its positioning in the wellness space
Tea Trunk, a global premium tea brand from India that is crafting wellness teas for the new generation of health-conscious consumers, announced it has raised $220,000 in angel funding led by a group of angels and the Rebalance community.
Founded in 2013 by Snigdha Manchanda, Tea Trunk participated in Rebalance accelerator’s inaugural cohort last year.
Snigdha Manchanda, Founder at Tea Trunk, said,
“We plan to use the funds to expand our product line of health-focused teas, launch more innovative products, and to strengthen our positioning in the wellness space - as a functional beverage for daily consumption.”
Some of the angels who participated in this round include Anand Sinha, Global Head at Zomato Gold; Anshul Agarwal, Co-head, Consumer, FIG and Business Services at Avendus Capital; Mandar Vaidya, CEO at OYO for South-East Asia and the Middle-East; Puneet Chandra, CEO at Skootr; Rohit Shankar, Co-founder at DimDim (acquired by Salesforce); Sorabh Agarwal, ex-MD — Copal Amba (acquired by Moody’s Analytics) and Vaibhav Suri, Co-head product and strategy at Delhivery.
With over 200 stockists/partners across India, Tea Trunk claims its teas are enjoyed across 15 countries and the customer base has been growing at 150 percent YoY.
Vikas Kumar and Aishwarya Malhi, Co-founders at Rebalance, added,
“Snigdha has relentlessly built a profitable company in a challenging consumer brand space. She did this while focusing on a superior product and building a robust team. We are happy we could help Snigdha navigate through fundraising and actively participate in shaping her company for future growth."
In October 2019, another global tea brand, Vahdam Teas, received Rs 75 crore ($10,5 million) in Series C funding round led by consumer fund Sixth Sense Ventures.
Other players catering to premium tea demand in India include Tea Box, Kettlery, Udyan Tea, and Infinitea among others.
(Edited by Megha Reddy)