Beverage brand Jade Forest raises $1 million from Mumbai Angels Network

The funds will be used to expand the reach of premium cocktail mixers as well as foray into the ready-to-drink beverage segment.

Jade Forest was launched in 2019 by Shuchir Suri and Puneet Singh. The price of its products at present . is between 80 more 85 for a 250ml glass bottle. The brand retails in the top metropolitan cities of the country; In all, it is available in 23 cities across India. It is sold online through Amazon as well as last-mile delivery platforms. The company raised a seed round of $250,000 in November 2020.

The brand plans to expand its portfolio of beverages into various verticals as well as venture into the export market in the coming years, the company said in a statement on Monday.

Nandini Mansinghka, Co-Founder and CEO, Mumbai Angels Network, said that young consumers are constantly on the lookout for beverages that are low in sugar and carbs and yet delight their taste buds.

Mansinghka said, “Jade Forest has managed to capture the attention of thousands of Millennials and Genz consumers and has grown its presence in 23 cities in 2 years.”

India’s beverage market is dominated by large beverage companies including Coca-Cola, Parle Agro, Dabur India Limited, ITC Limited and PepsiCo. However, there have been a number of beverage launches in the market as consumers look for more variety and replicate the experience of drinking outside the home. The pandemic has also increased the demand for such beverages as consumers use mixers to consume alcohol at home.

But reaching a wider consumer base and driving deeper distribution are major challenges as companies try to expand their reach.

“Post-Covid-19 Indian consumers have not only become more health conscious but also prefer home products that are transparent with their ingredients and supply chain. We believe the market is ripe for scale and disruption and with Jade Forest, we plan to capture the market with innovative launches on a regular basis,” said Shuchir, Co-Founder, Jade Forest. Suri said.