The funds will be used to expand the reach of the premium cocktail mixer as well as enter the ready-to-drink beverage segment
New Delhi: Non-alcoholic beverage brand Jade Forest has raised $1 million in a funding round led by Mumbai Angels Network.
The funds will be used to expand the reach of the premium cocktail mixer as well as enter the ready-to-drink beverage segment.
Jade Forest was launched in 2019 by Shuchir Suri and Punweet Singh. Its products are currently priced between ₹ 80 and ₹ 85 for a 250ml glass bottle. The brand retails across the country’s top metros; in all, it is available in 23 cities pan India. It is also sold online via Amazon, as well as last-mile delivery platforms. The company had raised a seed round of $ 2,50,000 in November 2020.
The brand plans to expand its portfolio of drinks into different verticals as well as venture into the export market in the coming years, the company said in a statement on Monday.
Younger consumers are constantly on the lookout for beverages that are low on sugar and carbs and yet please their taste buds, said Nandini Mansinghka, co-Founder and CEO of Mumbai Angels Network.
“Jade Forest has managed to capture the attention of thousands of Millennials and Genz consumers and has established its presence in 23 cities in 2 years," said Mansinghka.
India’s beverages market is dominated by large beverage companies including Coca-Cola, Parle Agro, Dabur India Ltd, ITC Ltd., and PepsiCo apart from regional players that sell everything from dairy-based drinks and fizzy beverages. The market has however seen a string of beverage launches as consumers seek more variety and replicate out-of-home drinking experiences at home. The pandemic has also driven the demand for such beverages as consumers used mixers to consume alcohol at home.
But reaching a wider consumer base and driving deep distribution remain the key challenges as companies try and expand their reach.
“Post covid-19 the Indian consumer has not only become more health-conscious but prefers homegrown products that are transparent with their ingredients and supply chain. We believe the market is massive and ripe for disruption and with Jade Forest, we plan to capture the market with regular innovative launches," said Shuchir Suri, Co-Founder Jade Forest.
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