Tata Sons Chairman Emeritus, Ratan Tata
Ratan Tata, the man credited with making Tata a global company, has pledged substantial capital to Teabox this week.
“We have grown up admiring and respecting (Tata’s) vision and business acumen on scaling the Tata group to a global level,” Teabox founder and CEO Kaushal Dugar told the press. “His direct guidance and experience in the tea industry will surely help us grow Teabox.”
Teabox intends to use this financial support to aid its growth internationally.
Teabox works directly with more than 150 tea farms in India and Nepal and ships their tea to customers in more than 90 countries. In its three years of operations, Teabox has already received financial support from JAFCO Asia, Accel Partners, Keystone Group LP and Dragoneer Investment Group. Dugar believes that by simplifying the distribution route, instead of taking six to eight months from farm to home for tea, Teabox can do it in a week. The tea will be fresher and small tea gardens will be able to define themselves internationally.
From the beginning, the company has promoted itself as a technology company, rather than a tea company. They aim to disrupt the long-standing tea market with a new distribution model.
SOURCE: Economic Times, Times of India, The Hindu, World Tea News