Hyderabad: Customized merchandise platform icustommadeit.com has raised $250,000 in the third angel round from a group of individual investors, including Deloitte director Aparna Pittie, taking the total equity funding raised so far to $650,000.
The round was led by Aditya Pethe, managing director of Mumbai-based jewellery store Waman Hari Pethe Jewellers. Vidisha Vaidya, who heads indirect taxation at Eaton India and Ravi Kant Sharma, quality lead at Chevron India were the other investors who participated in the latest round.
Truelytics eComm Pvt. Ltd., which runs icustommadeit.com, will use the money to offer a better user interface, integrate its technology platform, hire talent, and build its brand in international markets. It will also get more vendors, manufacturers and skilled artists from India and abroad onto its platform by taking part in trade fairs and exhibitions, the company said.
Pune-based icustommadeit.com is an online marketplace connecting individuals looking for bespoke creations with professional creators. It claims to offer custom-made solutions on things ranging from jewellery, clothing and home decor to accessories, shoes and confectionary totalling 12,000 products across 33 categories from 900 creators around the world. The website went live in April.
“We want to dispel the myth that custom-made is expensive. While we are actively trying to change the perception, our focus is on the 3 Ps—passion, product and people. We aim to revolutionize the way people buy in the country," Raj Iyer, chairman and managing director of icustommadeit.com, said in a statement.
Icustommadeit.com, which competes with Rocket Internet-backed PrintVenue in some categories, raised $250,000 in second angel round from two investors in June. Earlier it raised $150,000 from Salma Chugh, managing director of London-based home furnishings exporter, Vertex Group.
“There’s a huge market for customised products at the demand and supply side; it is exciting that we are venturing into untapped potential," said Pethe, the lead investor in the latest round.
Customers can buy readymade creations or place orders for tailor-made products on icustommadeit.com.