Jade Forest, a non-alcoholic beverage brand, has raised $1 million in a funding round led by Mumbai Angels Network. Other investors also participated in the funding round, the company said in a statement on Monday, without giving further details.
Jade Forest will be using the funds for geographical expansion and for launching a ready-to-drink beverage. The company is also planning to venture into the export market in the coming years, the statement said.
The company, founded in 2019 by Shuchir Suri and Puweet Singh, raised $250,000 in a Seed funding round in November 2020 from many angel investors, such as Gaurav Kapur, Rohan Abbas, Ashish Tulsian, and Angel List India, among others.
Jade Forest said it is betting on the pandemic-led shift towards consumption of homegrown brands. The company believes that its sales grew with consumers becoming more cautious about the ingredients that are listed behind product labels, which urged them to better their drinks, the statement said.
“Post COVID, 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.
The company claims that it has witnessed a 15-20% growth in its month-on-month sales. Jade Forest also claims to have a presence in 23 cities across India.
Jade Forest said it has taken an omnichannel sales approach, in which it is selling through brick-and-mortar stores, last-mile delivery platforms and online channels. The company sells its products on its own website, as well as on Amazon, the statement said.
“Apart from this, we have invested and continue to grow our digital marketing efforts and hope to reach a larger consumer base. We use a combination of digital performance ads, social media content, and brand collaborations and tie-ups.”
Jade Forest’s investment extends Mumbai Angels Network’s portfolio, that is currently dominated by technology companies. Earlier this month, the angel network platform participated in a $150,000 funding round in Lucknow-based local content production platform, Knocksense Media Services Pvt Ltd. In October, Mumbai Angels Network also participated in a $8 million funding round in Instoried Research Labs Pvt. Ltd, an artificial intelligence-based startup.
“Today, the younger generation is constantly on the lookout for beverages that are low on sugar and carbohydrates and yet please their taste buds. Jade Forest has managed to capture the attention of thousands of Millennials and Genz consumers and has established its presence in 23 cities in two years,” said Nandini Mansinghka, Co-founder and Chief Executive Officer, Mumbai Angels Network.
“We believe that the fresh capital will allow them to achieve their goals, and further scale up the business,” Mansinghka added