Teabox, an e-commerce startup designed specially for selling a wide variety of teas, has scooped up a $6 Million Series A round. The round was led by Singapore-based VC firm JAFCO Asia, Keystone Group and US-based Dragoneer Investment with participation of Accel Partners.
In early 2014, the company raised $1 million from Accel Partners and Horizen Ventures. With this freshly raised money, the company is planning to go to next level by building a disruptive team, and taking India’s favourite beverage to new target markets including China, Japan and Korea.
Upon expansion, the company will be using these funds to further bolster its current back-end infrastructure to support its newest markets.
Founded in 2012 by Kaushal Dugar, TeaBox claims itself to be a premium tea brand focused on vertical integration of sourcing, branding and distributing teas across the globe. They source tea blends from Darjeeling, Assam, Nilgiri & Nepal and ship to worldwide consumer through their website Teabox.com.
Kaushal Dugar, founder of Teabox, said
We are able to supply our tea at its freshest quality within a week to the end-consumer. Whereas, traditionally, it takes close to 6 months to reach the end-consumer.
To maintain quality of tea being served to its customers, TeaBox takes assistance from numerous tea experts who judge the quality of the tea grains being bought.
The company claims to have shipped over 20 million cups of teas across 75 countries. It also claims that they generate over 95% of their revenue from customers outside India.