Accel Partners India and Horizen Ventures backs Teabox

Teabox has closed $1 million in seed funding. The investors included Accel Partners India and Horizen Ventures. Based in Singapore and India, Teabox is a tea delivery startup.

PRESS RELEASE

Teabox, a Singapore and Bangalore based startup in the tea industry has raised a seed around of 1 ml $ in Venture Funding to democratize the tea industry.
Started in the year 2012, Teabox enables tea lover’s world over to experience premium Indian teas from Darjeeling, Assam & Nilgiri. With their fulfillment center located in heart of tea growing regions, Teabox sources premium teas directly from the plantations and ships them to customers all over the world. This directly challenges the ways of the 200 year old industry, where little has changed since the earliest British & Scottish planters set up the estates. Within 2 years, Teabox has already delivered 5 million cups of tea to tea lovers in over 65 countries including regions such as Federated States of Micronesia, Chile, Argentina, Fiji and Ural Mountains (Siberia). Talking about the significance of this investment, a senior partner at Accel Partners India,
Prashant Prakash said, “the tea industry, which is expected to touch $40 billion in turnover is ready for disruption. Global e-commerce can circumvent the existing value chain and enable tea producers to connect with customers directly world over. The founder and team members bring onboard a deep understanding of the tea industry coupled with previous experience in e-commerce. We see great potential in Teabox becoming the next global tea brand from India.”
The Indian tea industry is the world’s second largest producer and fourth largest exporter of tea.
Yet it lacks any homegrown premium global brand unlike the well known French Wine or Scotch whisky due to its colonial tradition of relying heavily on retailers and distributors to market the teas.
With the growing abundance of technology, resource and ability to reach the customers directly, Teabox looks all set to close this gap.
Teabox ensures freshness of their products by vacuum packing the tea within 24-48 hours of production and shipping within the next 24 hours. Regardless of where they are, buyers receive their tea packs within just 3-5 business days. The firm has also invested heavily in setting up a rigorous, quality checking environment which ensures that only the best quality leaves are selected and are stored in temperature and humidity controlled facilities.
The Founder of Teabox Kaushal Dugar feels that partnering with investors such as Accel & Horizen will accelerate their goals. “Although the tea exports have been steadily increasing in the recent years, the time to market continues to be inordinately high. And since freshness & quality of tea deteriorates significantly with time, we believe that our technology back end supported by supply chain infrastructure and innovations will help us reach the end customers in a much shorter period of time. Until we came along, delivering fresh teas 5-6 days post production to a customer, say in New York was practically unheard of and was thought to be impossible”, he said. Another investor participating in this round is Horizen Ventures.
In the coming few months, Teabox plans to unveil a slew of new features such as subscription service, expand its catalogue to have the largest selection of Indian teas and aggressively enter target countries.
To learn more, visit www.teabox.com
About Accel Partners
Founded in 1983, and managing over $9.6 billion in capital, Accel Partners has a long history of partnering with outstanding entrepreneurs and management teams to build world-class businesses. Accel today invests globally using dedicated teams in Palo Alto, California, New York City, London and Bangalore, as well as in China via its partnership with IDG-Accel.
Accel has helped entrepreneurs build over 300 category-defining companies worldwide. Some of their notable investments include Facebook, Dropbox, Spotify, Kayak, Cloudera, Etsy, Flipkart, Myntra, BookMyShow and many others.
For more information, please visit http://www.accel.com
About Horizen Ventures
Founded in 2004, Horizen Ventures is a Singapore based early stage fund focused on India-based technology and internet firms. It also has an exclusive partnership with Softbank China & India Holdings and routinely co-invests with them.
About Teabox
Based out of Singapore and Bangalore, with a fulfillment center in Darjeeling, Teabox ships the world’s freshest Indian teas, chosen by tea experts to customers all over the world. With a selection of over 100 teas, chosen from over 75 different plantations in Darjeeling, Assam & Nilgiri, Teabox provides the largest selection of single estate and Indian teas online. Teabox started its journey in the year 2012 and has already delivered over 5 million cups of tea to tea lovers in over 65 countries.

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