Teabox raises cheers with funding of $6 million Series ‘A’ funding from a group of venture capitalists lead by Accel Partners, JAFCO Asia and Dragoneer Investment Group.
Teabox is premium tea brand that deliver teas direct from origin to consumer. The company was started in 2012 by Kaushal Dugar. Kaushal has rich pedigree of associating into tea industry. His forefathers are pioneers in tea for generations.
Teabox claims that their tea are handpicked and packed. They take personal approach with precision and consistency. The unique selling proposition for Teabox is to market the tea at global level. The consumers would like to smell, touch and taste the tea prior their purchase. To facilitate this Teabox have adopted strategy where they allow the consumers to order sample their premium tea range by paying small price.
The website gets more than 300 reviews in a month across the world. Thru which they have build their credibility. Teabox claims that they have seen 10 percent growth in terms of order and revenue. Staff strength has been increased by 3 times. Teabox has shipped teas to 75 different countries that include Fiji to Haiti.
The company plans to ramp their product range, recently they have hired a product manager to assist in productize and scale up their operations. At the same time they are setting up cold storage in Siliguri to ensure that they delivery freshest teas to their customers.
The company recently received venture funding from a group of investors. In fact they have received three rounds of funding. In 2012 Teabox went for Crowd Funding for undisclosed amount. In March 2014, they received $1 million seed funding from Accel Partners and Horizon Ventures. Teabox received their Series ‘A’ funding from Dragoneer Investment Group, JAFCO Asia and Accel Partners.
After raising funds Kaushal Dugar, Founder and Chief Executive Officer of Teabox said “We are extremely privileged to have JAFCO and Dragoneer as our investment partners as we expand into new markets, primarily – China, Japan and Korea where they have strong connect and also to have Robert Bass who first discovered Teabox as a customer and has now participated in this round as an investor through Keystone Group. And of course Accel has been our growth partner helping and guiding us since they came on board post seed funding”
He further added “The current fund raise will be primarily be utilized to build the back-end infrastructure to enable transactions and order processing for the new markets and also to hire new talent across different verticals.”
“Teabox’s disruptive business model is highly scalable and allows complete control of the customer experience. JAFCO’s expertise across different markets will add significant value to Teabox in the coming months.” Said Supriya Singh of JAFCO after funding Teabox.
Accel Partner’s Prashanth Prakash said “We are excited to continue our association with Teabox in building the first vertically integrated consumer brand to come from India.”
Teabox is planning to expand its footprint in the new markets such as China, Japan and Korea where tea consumption is very high and sacred too. Teabox intends to become the first consumer focused global brand from India.