Siliguri and Bengaluru-based online premium tea brand Teabox has raised $7 Mn in Series B funding from Singapore-headquartered VC firm RB Investments. The startup’s existing investors also participated in the round.
As per reports, venture debt from DBS Bank is a significant contributor to Teabox’s latest funding round.
With the financing, the premium tea company is looking to bolster its back-end infrastructure, in particular, its cold-chain processing centres. The fresh capital will also enable Teabox to introduce more efficient, natural-nitrogen packaging and automate other processes in the supply chain to increase production by 3x to 4x.
As stated by Teabox founder and CEO Kaushal Dugar, the financing will also be spent on marketing and other growth spends, in a bid to strengthen its presence in key markets. The company is in talks with other investors, whereby this round might be extended by additional $3 Mn.
Commenting on the development, RB Investments Principal Harshavardhan Bothra said: “We are excited about backing the challenger in a large category with a demanding customer. We feel that Teabox’s dynamic team and its innovative supply chain of tea from plantations to cup will enable them to provide the freshest tea to consumers worldwide and redefine the category.”
RB Investments is a pan-Asia venture capital firm based out of Singapore that specialises in seed and growth-stage rounds. It is managed by Singapore-based entrepreneur Rajesh Bothra and has investments in Consumer Internet in India include Swiggy, FabHotels, Bluestone, Travel Triangle, Faaso’s, Beer Café, Tapzo, Pretty Secrets etc.