The funds will be utilized towards further geographical expansion and launch into the Ready-to-drink beverage segment.
Jade Forest, one of India’s finest non-alcoholic beverage brands, has raised a funding of 1 million USD in a round led by Mumbai Angels Network, a premium platform for early-stage investments along with other investors. The funds will be utilized towards further geographical expansion and launch into the Ready-to-drink beverage segment.
Launched in August 2019 by 2 experienced entrepreneurs in the F&B industry – Shuchir Suri and Punweet Singh, the company has quickly risen to become a front-runner in the beverage space. Currently growing at 15-20% MoM, the brand is redefining how beverages are consumed. By successfully creating a range of great-tasting drinks that are low in calories and sugar without the use of any artificial ingredients, the brand was able to reach a larger audience, especially through the pandemic, which witnessed a sudden positive shift towards homegrown consumption of beverages. Consumers became a lot more aware of the ingredients that were listed on the backs of product labels and the need for “better-you-drinks” was what propelled overall sales. The products are currently priced between Rs. 80 & Rs. 85 for a 250ml glass bottle and are now available in all major metros in the country, taking consolidated presence to over 23 cities pan India.
The company has previously raised a Seed round of USD 250K in November 2020 and has exceeded all target and milestone expectations since then. An omnichannel sales approach; they sell through a number of offline retail channel partners and last-mile delivery platforms as well as through their own e-commerce website and Amazon. The brand has achieved strong organic growth and sales through a combination of an attractive product design and clear communication, along with a heavy emphasis on the correct product placement at all points of sales.
Nandini Mansinghka, Co-Founder and CEO of Mumbai Angels Network further added, “Today, the younger generation is constantly on the lookout for beverages that are low on sugar and carbs 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 2 years. This funding is a testament to the brand’s remarkable growth and progress. We believe that the fresh capital will allow them to achieve their goals, and further scale the business.”
Co-founder Punweet Singh had this to say, “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.” The brand plans to expand their portfolio of drinks into different verticals as well as venture into the export market in the coming years.
“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.” Shuchir Suri, Co-Founder Jade Forest.
Source: Business World