 "Customer turns investor for Teabox as it makes two senior hires")
It is rare for a customer to be so pleased with the product of a company that he picks up a stake in it. Teabox, an international market-focused e-commerce company that specialises in tea, has said Singapore-based angel investor Cameron Jones has picked up a stake in the company.
Jones had come across Teabox in December last year and ordered a set. After sampling it, he realised he wanted more than just be a customer.
“It was an hour’s conversation over coffee and he was ready to come on board as an investor. He asked me to send a pitch and some documents. Two days later, he wired me the money,” said Kaushal Dugar, founder and CEO of Teabox.
“Teabox is well positioned to become the global premium tea brand in the world, and I’m excited to back them in growing their business on a global scale,” said Jones.
Dugar refused to divulge how much capital was on boarded. “It is less than the $6 million we raised in the previous round,” he said. Teabox will use the money to upgrade their platform, make key hires and for expansion.
When the company announced in January that it got Ratan Tata as an investor, it said it would focus on the Russian market. But, now the company is training their guns on the US market. “The Russian economy is in trouble, which has made breaking into that market difficult for now,” said Dugar.
The company has thus made a hire in a marketing capacity in the US to make inroads, where Dugar admits they are “under the radar”. So, they plan to use offline and online marketing to make headway.
Meanwhile, the company has also hired a chief technology officer in their Bengaluru division as part of the key hires. Teabox uses a combination of machine learning and an algorithm to ascertain for new users the tea of their choice. It is one of the first in the country to use cold storage for its products and usually promises order completion within 24-48 hours.
Jones had come across Teabox in December last year and ordered a set. After sampling it, he realised he wanted more than just be a customer.
“It was an hour’s conversation over coffee and he was ready to come on board as an investor. He asked me to send a pitch and some documents. Two days later, he wired me the money,” said Kaushal Dugar, founder and CEO of Teabox.
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Along with Jones, the company has also raised venture debt from DBS Bank.
“Teabox is well positioned to become the global premium tea brand in the world, and I’m excited to back them in growing their business on a global scale,” said Jones.
Dugar refused to divulge how much capital was on boarded. “It is less than the $6 million we raised in the previous round,” he said. Teabox will use the money to upgrade their platform, make key hires and for expansion.
When the company announced in January that it got Ratan Tata as an investor, it said it would focus on the Russian market. But, now the company is training their guns on the US market. “The Russian economy is in trouble, which has made breaking into that market difficult for now,” said Dugar.
The company has thus made a hire in a marketing capacity in the US to make inroads, where Dugar admits they are “under the radar”. So, they plan to use offline and online marketing to make headway.
Meanwhile, the company has also hired a chief technology officer in their Bengaluru division as part of the key hires. Teabox uses a combination of machine learning and an algorithm to ascertain for new users the tea of their choice. It is one of the first in the country to use cold storage for its products and usually promises order completion within 24-48 hours.