Delhi-based premium beverage and mixers brand Jade Forest on Tuesday said it raised $250,000 in seed funding round led by marquee angels across India, including Gaurav Kapur, Rohan Abbas, Ashish Tulsian, and Angel List India, among others.
According to an official statement, the funds raised will be utilised in increasing marketing budgets and a stronger sales force to capture a $3,000 million market of beverages. The startup also plans to build a robust ecommerce presence and enter newer geographies with a selection of novel products.
Speaking about the journey so far, Jade Forest Co-founder Punweet Singh said,
“Since COVID-19, we’ve been fortunate enough to expand our reach through multiple online channels and continue to grow the business significantly. We’re excited about 2021 and the opportunity to define and lead the growth in the non-alcoholic beverage space.”
"We believe that Indian homegrown brands can accomplish massive outcomes in the next five to ten years if their vision is aligned with the Indian consumer’s needs," said Shuchir Suri, Co-founder, Jade Forest.
Accelerated by Gurugram-based Huddle, the startup claims to witness steady growth at 20 percent month on month. With five flavours in its product mix, Jade Forest has established itself across the product categories of low-sugar tonic waters, ginger ale, and soda.
Highlighting the startup's growth, and the way forward, Huddle Founding Partner Sanil Sachar said,
”Our focus as their accelerator has been to create a brand that caters towards every sip of beverage our consumer will take. To do this as a team, we will continue to focus on taste, understanding our customers’ demands, and being present before they need us, to continue building a beverage brand for the future.
"Jade Forest is backed by their exquisite product taste and two second-time founders in the F&B space, who have leveraged their experience to build a leading presence across omnichannel, including strong retail presence, and being widely consumed by HORECA clients like Olive Group, Piano Man, and Dear Donna," Sanil added.
Talking about the investment, Ashish Tulsian, Founder, Posist, said, “With millennials graduating to experimenting with alcohol, the Indian scene is rapidly evolving and growing. Shuchir, and the team, in my opinion, are most well-placed to take this opportunity to lead it from the front with Jade Forest. What they are doing with mixers is the tip of the iceberg."
Edited by Suman Singh