Indian tonic water company Jade Forest raises US$1million for expansion
Indian drinks company Jade Forest has raised US$1million in early stage investments for its geographical and product portfolio expansion.
The investment platform, led by Mumbai Angels Network, will reportedly be used to “further scale the business” while its line of low sugar non-alcoholic products such as premium tonic water, ginger ale and club soda infused with spices, herbs and fruits is set to capture the attention of younger drinkers.
Jade Forest, which was launched in August 2019 by Shuchir Suri and Punweet Singh,, initially raised US$250K in November 2020 and began selling its products through offline retail channel partners and last-mile delivery platforms as well as through its own e-commerce website and Amazon.
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Mumbai Angels Network CEO Nandini Mansinghka said: “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 Gen-Z consumers and has established its presence in 23 cities in two 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.”
Jade Forest co-founder Punweet Singh highlighted how “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”.
Shuchir Suri, co-Founder Jade Forest added: “We believe the market is massive and ripe for disruption and with Jade Forest, we plan to capture the market with regular innovative launches.”
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