BackShopatplaces raises seed round from Indian Angel Network
According to its investors, the amount is estimated to be Rs1-3 crore
Premium
Mumbai: High City Retail Pvt. Ltd, the company that operates online portal Shopatplaces.com and sells city-specific merchandise, said on Friday that it has raised an undisclosed amount in a seed round (early stage) from the Indian Angel Network (IAN).
According to its investors, the amount is estimated to be ₹ 1-3 crore. It is looking to raise a Series A round within a year.
“Shopatplaces’ scalable online experience and well-thought-through customer base is poised to pioneer the online shopping experience of speciality merchandise across the nation and then across the globe,"said B. Hari, lead investor with IAN.
The Delhi-based company, which was founded in 2014 by Zuhaib Khan and Sherfur Rehman, is looking to use the funds to improve its front- and back-end technology, meet working capital requirements, strengthen marketing initiatives and hire teams. It is looking to launch a personal care products category in August.
The company offers products across seven categories of apparel, home decor, accessories and others. These include products like pashmina shawls (Kashmir), hand block-printed apparel (Rajasthan), pearls (Hyderabad) and more. It aims to create availability of authentic products at the right prices. “We have sold products to over 30,000 users in the price range of ₹ 299-64,000. We curate goods from 29 states," adds Khan.
E-commerce in India is estimated to reach $60-70 billion by 2020, according to a report by The Boston Consulting Group. The report also states that the total number of Internet users will touch 600 million in the same year.
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!
