Bengaluru-based online fashion marketplace Indofash has secured $150K (INR 1 Cr) from angel investors, Shekhar Sahu and Nitesh Pant.
The startup will use the raised funds to scale up its international presence and for developing its technology further.
Founded in 2015 by Pallavi Mohadikar and Rahul Gayakwad, Indofash is an online retailer of ethnic products from different parts of the country and aims to make it accessible to the global audience. The platform claims to bring together regional sellers and weaver societies from different regions in India to make their work available on one platform.
Rahul Gayakwad, CTO and co-founder, Indofash said, “This angel round is a great enabler for us to scale Indofash in the next six months to an international audience. The company also plans to raise second round within next six months which would be used to reach masses of artisans and weavers across India on supply side and global customers on demand side.”
The platform claims that it receives 18K unique visitors every day and nearly 80K page views per day on its website. As per an official statement, it currently processes more than 100 transactions per day, out of which 50% are international orders.
The startup aims to raise $2.5 Mn-$3 Mn in the next round to bring artisans and weavers on board and enable them to sell their art online through its sellers’ app.
Ahmedabad-based etailer for regional goods Salebhai raised $1.5 Mn (INR 10 Cr) from Times Group’s Brand Capital, for a minority stake in August 2016. It is currently serving requirements of regional goods for 17 such communities. These products are supplied globally from 260 vendor bases from over 100 Indian cities. In September 2016, Ananya Birla, launched a global ecommerce platform that provides handmade and high-end luxury products, curated from nine countries, Curo Carte.
