Ratan Tata, chairman emeritus of Tata Sons, has invested in Singapore-based speciality online tea retailer Teabox, which ships tea to 93 countries.
Tata who himself owns a tea company, Tata Tea, will join the startup as an investor.
Teabox will use the newly-raised fund to continue growth and expand in other major markets around the world.
"We have grown up admiring and respecting his (Tata’s) vision and business acumen on scaling Tata Group to a global level. His direct guidance and experience in the tea industry will surely help us grow Teabox to be the first global premium tea brand from India,” said Kaushal Dugar, Founder and CEO, Teabox.
Tata's investment comes almost an year after the startup raised $6 million in Series A, led by JAFCO Asia, with participation from Accel Partners, Keystone Group and Dragoneer Investment Group.
Founded in 2012, the firm delivers fresh, delicious teas from Darjeeling, Assam, Nilgiri and Nepal to most parts of the world. Teabox sources high quality teas directly from over 200 growers and estates.
Within three years the startup claims to have delivered over 30 million cups’ worth of tea to customers in countries including Russia, Korea, Japan, the UK and the US.
Teabox aims to bring technology and innovation in the US$40 billion tea and its supply chain which has remained unaltered since decades.
The business tycoon has invested in over 20 companies in the past 12 months. His investment ranges from e-commerce firms to cab aggregators. He has invested in firms like Snapdeal, Kaaryah, Urban Ladder, Bluestone, CarDekho, Sabse Technologies, Xiaomi and Ola.
BW Reporters
The author is Senior Correspondent with BW Businessworld
