India-based Teabox, which sells branded tea-based products, on Thursday announced an undisclosed round of funding from Dubai-based NB Ventures, the family office of Neelesh Bhatnagar, along with participation from existing investors, LiveMint reported.
The seven-year-old premium tea brand claims to have a footprint in the US, India and Russia, selling over 1 billion cups of premium Indian teas to consumers across more than 117 countries.
Teabox has built an end-to-end supply chain all the way directly from the growers to the cup. It also has a standalone procurement team, which has a direct relationship with almost 200 tea plantations across India, the report said.
Teabox recently opened an experience centre at the Bengaluru International Airport — Domestic Departures, and plans to open three to five more in the next few months. Earlier this year, it also claimed to have sold “India’s most expensive tea.”
“We are very excited about investing in Teabox as the tea industry is a huge market, and Teabox is a leading player with complete vertical integration,” said Neelesh Bhatnagar, chief executive of NB Ventures Ltd.
“We believe in their vision of creating an omni-channel experience given the existing international appeal of their high-quality products and look forward to assisting them in their expansion plan, thereby leveraging our strong experience/connects.”
“We look forward to this partnership and are excited to have Neelesh on board,” said Kausshal Dugar, chief executive of Teabox.
“Having sold 1 billion cups of tea in 117 countries, we are even more upbeat about the opportunities in front of us across the globe and are looking to build our expertise accordingly.
“This funding has capacitated us to raise a significant amount for our future growth prospects. Neelesh and all our investors have trusted us immensely, and with their support and credence we’re looking forward to remarkable expansions for Teabox in the near future.”
In the past, the company had raised money from investors such as Accel Partners, Ratan Tata, DBS Bank, EB Investments Pte, Dragoneer Investment Group, and others.
It last raised US$7 million in series B funding in December 2017.
Considered an upstart brand in the venerable tea industry, Teabox foresaw an altered perception of tea — going from a “humble afternoon beverage” to a “drink for the soul.”