[Funding alert] Ratan Tata-backed Teabox raises undisclosed amount from NB Ventures and others
Teabox says it has sold over one billion cups of tea to consumers across 117 countries including the US, India, and Russia. Earlier this year, it sold the most expensive tea at Rs 2 lakh per kilogram.
Premium tea brand Teabox on Thursday announced that it has raised an undisclosed amount from Dubai-based NB Ventures, the family office of Neelesh Bhatnagar and other existing investors.
In a statement, the company said that it has sold over one billion cups of tea to consumers across 117 countries including geographies such as the US, India, and Russia.
Speaking on the investment, Neelesh Bhatnagar, CEO of NB Ventures said,
“We believe in their vision of creating an omnichannel experience given the existing international appeal of their products and look forward to assisting them in their expansion plan leveraging our strong experience and connects."
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Teabox recently opened an experiential store at the Bengaluru International Airport and plans on opening a few more in the coming months. The company claims that the tea leaves used in their product are sourced from over 120 estates across India and Nepal.
Speaking on the funds raised, Kausshal Dugarr, Founder and CEO of Teabox, said,
“This funding has capacitated us to raise a significant amount for our future growth prospects and we are even more upbeat about the opportunities in front of us and are looking to build our expertise accordingly.”
Teabox has raised a total of $10 million so far, as part of its Series A and B rounds from investors including Accel, JAFCO Asia, RB Investments, DBS Bank and individuals like Ratan Tata, Robert Bass, and Cameron Jones.
In a statement, the company said that it has an in-house tea tasting panel with a cumulative experience of 100 years of picking teas for their texture, colour, scent, and purity. It is this panel that decides which tea gets on the Teabox catalogue.
Founded in 2016, NB Ventures is an early-stage venture fund and has funded over 30 startups so far. These startups are spread across geographies like US, GCC, India, and France across key sectors including health and beauty, logistics, education, and sustainability.
(Edited by Saheli Sen Gupta)