Indian online tea seller raises $6m
Indian tea retailer Teabox has raised $6 million in a Series A round led by JAFCO Asia, with participation from Keystone Group and Dragoneer Investment Group, and existing investor Accel.
Teabox, founded in 2012 by former corporate finance analyst Kaushal Dugar, offers an online market where customers can order loose tea that is packed directly at the plantation and shipped within 72 hours. The goal is to preserve freshness by eliminating the middle steps of the traditional tea industry.
The company will use the new funding to expand to new markets. It already ships to 75 countries and does the vast majority of its business internationally. By the end of the year it plans to open offices in China, Japan, Korea and the US, according to Livemint. It is also considering a fulfillment center in Russia.
Accel, along with Horizen Ventures, participated in Teabox's $1 million seed round last year. The firm is active in the Indian e-commerce sector and has invested in a number of companies in this space, including, in the last year, online marketplace Flipkart, subscription billing service developer ChargeBee, and taxi booking site TaxiForSure.
Singapore-based JAFCO is more active in tech development outside India, but does have some involvement in the country, having participated in a $2.5 million Series A round for mobile app monetization platform Pokkt last year.
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