Teabox, a specialty tea company founded by SMU alumnus Kaushal Dugar announced yesterday that it has raised venture-capital funding from abroad, in a sign that global investors are seeing value in local enterprises and innovation.
The company has won an undisclosed round of financing from Ratan Tata, chairman emeritus of Tata Sons, the holding company of Tata Group. Mr Dugar noted that this is the first investment in a tea startup by the Indian business magnate and that the amount will be used for marketing, customer acquisition and hiring. Founded in 2012, Teabox had raised at least US$7 million in previous funding from Jafco Asia, Accel Partners, Keystone Group LP and Dragoneer Investment Group. .