Ratan Tata, Chairman Emeritus of Tata Sons, has invested an undisclosed amount in Teabox, a speciality tea start-up. It is for the first time that Tata has invested in a tea company.
The company Teabox is founded by Kaushal Dugar in 2012. Teabox, which is run by Bangalore and Singapore-based Asian Teaxpress Pte Ltd, is an online platform which ships fresh Indian tea to customers globally. Teabox currently exports tea to 93 countries and aims to cross 100 soon.
Teabox’s Founder and CEO Kaushal Dugar said, “We have grown up admiring and respecting his (Tata’s) vision and business acumen on scaling the Tata group to a global level. His direct guidance and experience in the tea industry will surely help us grow Teabox to be the first global premium tea brand from India.”
Teabox has already raised $ 7 million till date. It raised $ 6 million in Series A funding in March last year. The startup sources premium teas directly from the plantations in Darjeeling, Assam, Nilgiri and Nepal, and ships them to customers.
This is Tata’s fifth investment in 2016. Before this Tata had invested in baby care products platform FirstCry.Com and after this he put to money in Cashkaro, Dogspot and Tracxn. The company has delivered over 30 million cups of tea in over 93 countries in three years. Teabox has a backing from investors such as JAFCO Asia, Accel Partners, Keystone Group LP and Dragoneer Investment Group.
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