Dorje Teas’ revenue climbed to Rs 2.32 crore in FY24 marking a 84% rise from Rs 1.26 crore in FY23.
Founded in 2021 by Ishaan Kanoria and Sparsh Agarwal, Dorje Teas is a tea brand that sources and sells premium teas directly from farmers. The company offers various products, including flavored tea, green tea, black tea, gift boxes, and easy brew packs. It also provides subscription memberships for seasonal tea deliveries.
The Darjeeling-based startup has raised a total of Rs 2.04 crore in funding, with the latest round held in October 2024, led by Coast Fund VC. The tea product company had previously received angel funding from investors Peyush Bansal, Anupam Mittal, and Vineeta Singh on Shark Tank India. The company’s valuation exceeds Rs 15 crore.
Co-founders Sparsh Agarwal and Ishaan Kanoria hold equal majority shares of over 30% each, and Bennett Coleman and Company are also key stakeholders.
Alongside revenue, the company’s expenses also rose, reaching Rs 2.76 crore in FY24 from over Rs 1 crore in FY23. The cost of materials accounted for the largest share, at 26.32%, followed closely by advertisement expenses, at around 25%. Travelling costs and legal and professional charges also summed up the expenses.
Shark Tank Fame Dorje Teas achieved profitability in FY24, posting a profit of Rs 44.37 lakh, compared to a loss of over Rs 40 lakh in the previous year.
The company’s current EBITDA margin and ROCE improved to -18.98% and -29.52% respectively.