FY23 is the second fiscal year tea brand Teamonk has seen its revenue dipping.
As of FY23, the startup’s top scale stands at Rs 3.05 crore, a 37% downgrade as compared to its preceding fiscal year’s Rs 4.8 crore.
Of the total revenue generated in the fiscal year ending March 2023, operations contributed close to Rs 2.8 crore, close to 40% decrease as compared to the preceding fiscal. Previously in FY22, the company saw over Rs 4.6 crore coming in from operations.
Founded by Amit Dutta, Teamonk is an internet first brand offering tea. It offers pure and natural specialty teas teas like black tea, green tea, white tea, oolong tea, herbal tea etc.
Teamonk partners with tea plantations across India to source these specialty teas from tea plantations across Darjeeling, Nilgiris and Assam.
The seven-year-old company has raised a total of close to Rs 30 crore through 7 different fundraises. It last held an extended pre-Series A round raising Rs 3.5 crore. The round was led by repeat investor Inflection Point Ventures and saw support from the likes of Sandeep Chaufla, Varun Khurana, and Vijay Nehra among others.
Post the infusion of the round, Radiant Hues Consultancy became the company’s largest shareholder with over 14% shares while the likes of Suresh Prabhala and Ashok Kumar Mittal also held significant shares.
The Bengaluru headquartered company’s currently valuation stands at Rs 43 crore.
Prior to this, it has secured Rs 6.5 crore from the likes of Inflection Point Ventures, LetsVenture, Lead Angels, and Madhu K Mohan in late 2020.
Along with decline in its revenue, the company witnessed its expenses dwindling 14% to Rs 9.3 crore from FY22’s Rs 10.9 crore.
Teamonk’s major expense was employee benefit costs taking up close to Rs 1.6 crore of the total expenditure. Cost of materials and advertisements cost over Rs 1.3 crore and more than Rs 1 crore.
Contrary to its revenue and expenses, the food and beverages startup saw a slight increase in its losses. The company incurred losses amounting close to Rs 6 crore in FY23, a 3% increase as compared to FY22’s Rs 5.8 crore.
Its current EBITDA margin and ROCE stands at -169.56% and -198.55% respectively.