Freshleaf, a premium tea brand, has secured INR 1 crore in a seed round led by Inflection Point Ventures.
The newly acquired funds will be allocated towards expanding marketing efforts, increasing production capacity, and enhancing research and development for new products. The company aims to strengthen its brand presence, meet growing demand, and introduce new teas to its consumers.
Balkirat Singh, the Co-Founder and CEO of Freshleaf, expressed, “At Freshleaf, we are dedicated to revolutionizing the global tea landscape. Our collaboration with IPV underscores the potential we hold together. Our goal is to redefine the tea experience, melding tradition with innovation in every sip.” Singh, leveraging his expertise as a Chartered Accountant and former finance and sales executive, spearheads the company’s expansion and oversees strategic financial and sales initiatives.
Muneet Arora, Co-Founder and CMO, leads the marketing and product development endeavors. She remarked, “We are pushing the envelope with distinctive blends that captivate today’s consumer, offering convenience and unparalleled taste. We believe everyone should have access to premium tea at an affordable price, and we are dedicated to modernizing and enhancing the tea experience for all.”
Founded in 2022, Freshleaf offers a diverse range of flavors in both sparkling and traditional teas, catering to various tastes and preferences. With a strong offline presence, the company has reached over 550 stores across 40 cities in India. Additionally, some products incorporate health-enhancing elements like added vitamins and electrolytes, with prices starting from INR 130.
Vikram Ramasubramanian, Partner at Inflection Point Ventures, said, “Freshleaf perfectly embodies our mission to support innovative businesses focused on quality and health. Their unique approach to creating premium teas with health benefits offers us an exciting opportunity to invest in a startup poised to transform the tea industry. We are confident in Freshleaf’s commitment to promoting a culture of health, wellness, and exceptional taste.”
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The startup is also branching out into modern retail and quick commerce, while making inroads into the UAE market. They have rolled out 18 unique products, including sparkling tea, and have increased their brand visibility through strategic marketing efforts like interactive tastings.
In 2023, the Indian tea market was valued at approximately INR 9,277 crores ($11.1 billion) and is projected to reach around INR 12,277 crores ($14.7 billion) by 2032, with an annual growth rate of 3.18%. On a global scale, the tea market was valued at about INR 41,355 crores ($49.53 billion) in 2023 and is expected to grow to around INR 82,094 crores ($98.29 billion) by 2033, with an estimated yearly growth rate of 7.09%.
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