Top industrialist Ratan Tata has invested in specialty tea firm Teabox, thereby continuing his long series of investments in various start-ups globally in the recent past.
However, the value of the investment was not disclosed.
In a statement, Teabox said: "It has raised an undisclosed round of financing from Ratan Tata... The additional capital will help fuel Teabox's continued growth as it expands in other major markets around the world."
Teabox Founder and CEO Kaushal Dugar said: "We have grown up admiring and respecting his (Tata's) vision and business acumen on scaling the Tata group to a global level. His direct guidance and experience in the tea industry will surely help us grow Teabox to be the first global premium tea brand from India."
The Tata Sons' Chairman Emeritus has been aggressively investing in start-ups, ranging from e-commerce firms to cab aggregators. He has invested in firms like Snapdeal, Kaaryah, Urban Ladder, Bluestone, CarDekho, Sabse Technologies, Xiaomi and Ola.
Tata, who served as the chairman of Tata Sons for over two decades until his retirement in 2012, is also associated with some venture capital funds as advisor, including Kalaari Capital and Jungle Ventures.
Founded in 2012, Teabox delivers teas from Darjeeling, Assam, Nilgiri and Nepal to the entire world. Within three years of its existence, Teabox claims to have delivered over 30 million cups worth of tea to customers in 93 countries.
Referring to the fact that so many young minds of India
choose overseas destinations for higher studies, Mr. Tata observed that this would not be the case if educational institutions offered proper facilities and faculties.
Lavishing praise on the state-of-the-art facilities at SRM University and endorsing the institution's plans for the future, Mr. Tata told young minds that along with team work, timing, plan and innovation, there has to be intuition for any program to succeed; but at the same time not every plan or venture is going to succeed. "Take everything as a learning exercise," Mr. Tata advised the student community.
Lamenting the fact that India still did not have a basic health care network and social stigma is still a disability, Mr. Tata argued that both the public and private sectors need to go the distance in addressing the needs of the under privileged and specially challenged people. "Less attention has been given to disability oriented vehicles and we don't even have a ramp in many pavements to address the needs of people on wheel-chairs," Mr. Tata said in appreciation of the query posed by a student.
Asked on his parameters of support to start-ups, Mr. Tata argued that while he is interested in the ideas of the young minds on projects, his support to any will also depend on not only viability but also in an assessment of 'greed' of the entrepreneur. "I like investing in young companies, but money-alone and greed is not what I am for," Mr. Tata said.
Accompanied by the Vice Chancellor, Prof. Prabir Bagchi, Mr. Tata, at the end of the interactive session with students, went on a tour of SRM University.
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Sources close to Mistry said: "We believe we are fully compliant with all legal requirements. An appropriate response has been sent. Only those afraid of the facts would seek to suppress facts".
