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Premium tea brand Teabox has raised $7 million (Rs 45 crore) in a series B round of funding led by Singapore-based RB Investments with participation from existing investors. DBS Bank Ltd will also participate in this round of funding through venture debt.
Teabox will use the funds to expand its back-end infrastructure, including cold chain processing centres, and support growth in key markets. “Half of the funds raised in this round of funding will be used for expansion of the brand in India and abroad. We are also looking at opening offline stores in India at strategic locations,” Teabox Founder and CEO Kaushal Dugar told PTI.
Its previous investors include Tata Sons Chairman emeritus Ratan Tata, Accel Partners, JAFCO Ventures, billionaire customer-turned-investor R.M. Bass and Dragoneer Hedge Fund.
Harshavardhan Bothra from RB Investments said: “We are excited about backing the challenger in a large category with a demanding customer. We feel that Teabox’s dynamic team and its innovative supply chain of tea from plantations to cup will enable them to provide the freshest tea to consumers worldwide and redefine the category".
O3 Capital acted as an advisor to the deal. Founded in 2012, Teabox sells over 40 million cups of premium Indian teas to consumers across more than 112 countries.
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