LUDHIANA, 25 May 2024: Premium tea brand Freshleaf has raised INR 1 Crore in seed round led by Inflection Point Ventures. The funds raised will be utilized to expand marketing efforts, increase production capacity, and enhance research and development for new products.
By focusing on these key areas, Freshleaf aims to strengthen its brand presence, meet growing demand, and bring exciting new teas to its consumers.
This investment will enable Freshleaf to offer high-quality teas that enrich the tea-drinking experience for modern consumers. With innovative flavors and a commitment to accessibility, Freshleaf is set to become a leading name in the competitive beverage market.
Balkirat Singh, Co-Founder & CEO, brings his expertise as a Chartered Accountant and former finance and sales professional, driving growth and ensuring sound, strategic financial and sales management for the company. Muneet Arora, Co-Founder and CMO, leverages her design background and passion for tea to oversee marketing and product development, ensuring innovative, high-quality blends that strengthen Freshleaf's market position.
Vikram Ramasubramanian, Partner, Inflection Point Ventures says, "Freshleaf aligns perfectly with our commitment to supporting innovative businesses that prioritize quality and health. Freshleaf's unique approach to crafting premium teas combined with health benefits, presents an exciting opportunity for us to contribute to a startup that is set to redefine the tea industry. We believe in Freshleaf's dedication to foster a culture of health, wellness and taste."
Since its inception in 2022, Freshleaf has swiftly built a strong offline presence, now reaching over 550 stores across 40 cities in India. The company offers an innovative range of flavors in both sparkling and traditional teas, catering to diverse tastes and preferences. Through a thoughtful fusion of health-enhancing elements in select products, such as added vitamins and electrolytes, Freshleaf strives to deliver premium quality tea at an affordable price starting from Rs.130. With a focus on providing value to modern health-conscious consumers, the brand aims to cater to those who seek an affordable yet premium experience.
Balkirat Singh, Co-Founder & CEO, Freshleaf, says, "At Freshleaf, we are committed to our mission of fundamentally transforming the global tea experience. Our partnership with IPV is a clear sign of what we can achieve together. We're setting out to reimagine how tea is enjoyed, making every sip a blend of tradition and innovation."
Muneet Arora, Co-Founder & CMO, adds, "We're pushing boundaries with unique blends that excite today's consumer, providing convenience and exceptional taste. Everyone deserves the finest quality tea at an accessible price, and we're committed to making the tea experience modern and delightful for all."
With the introduction of 18 unique products, including innovative options like sparkling tea, it has captivated customers and fostered brand loyalty. Through strategic marketing initiatives, such as interactive tastings, the company has effectively enhanced its brand recognition and engagement with its customer base. It is now venturing into modern retail and quick commerce while extending its reach into the UAE market, aiming to enhance accessibility and market presence, thus solidifying its position as a leading tea provider.
In 2023, the Indian tea market was valued at around ₹9,277 crores (USD 11.1 billion) and is estimated to reach about ₹12,277 crores (USD 14.7 billion) by 2032, with an annual growth rate of 3.18%. On a global scale, the tea market was approximately ₹41,355 crores (USD 49.53 billion) in 2023 and is forecasted to grow to around ₹82,094 crores (USD 98.29 billion) by 2033, with an expected yearly growth rate of 7.09%.