Former Tata Group chairman Ratan Tata has invested in a global India-and Singapore-based specialty tea online retailer Teabox. The amount of money went to this startup is undisclosed, as with his other investments.
Teabox is founded in 2012 by a financial analyst, Kaushal Dugar. He established this startup with his own personal savings. Teabox said that the investor money would be used mainly to expand its global coverage. Currently, the company exports fresh Indian tea to 93 countries and seeks to add the number to 100 and more, according to Tech Circle.
Founder and CEO Kaushal Dugar noted that the startup benefited from Ratan Tata's involvement in its business not only from the funding but also from his experience. "Ratan Tata's direct guidance and experience in the tea industry will surely help us grow as the first global premium tea brand from India," he said. Dugar also mentioned that he is delighted that the big businessman is interested in his startup. "It is unique that Ratan Tata, who is the architect of the Tetley acquisition, has invested in Teabox. For Mr Tata to invest in a 200-year-old industry that is seeing a change with Teabox means a lot to us. It validates not just Teabox but also innovation in an industry that continues to follow archaic ways of functioning," he said, as quoted by Domain B.
Tata is considered one of India's most active investors of last year, and his moves show that he would not cease to make investments in local companies this year. After he retired as the CEO of tea-to-steel Tata Group in 2012, he had scored more than 20 startups as an investor.
In this first month of 2016 alone, the Indian businessman has already made 5 investments, including Teabox. Earlier, he also gave fundings for baby products e-commerce site FirstCry, animal lovers' forum Dogspot, startup analytics firm Tracxn and coupon site CashKaro.
According to E27, Teabox secured $6 million in Series A last year, led by JAFCO Asia, involving Accel Partners, Keystone Group, and Dragoneer Investment Group. The premium tea retailer stated that they have delivered over 30 million cups' worth of tea to customers worldwide.
The tea online seller relies on their trusted suppliers in Darjeeling, Assam, Nilgiri and Nepal to deliver high-quality specialty teas. They have more that 200 growers and estates to support the supply chain.
Both Ratan Tata and Teabox CEO Kaushal Dugar is determined to improve the brand and raise its standards as well as its coverage and sales. Ratan Tata is also considered as a guide and advisor to the business, in addition to being an investor who helps with funding.
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