BackOnline platform D2C Ecommerce raises ₹6 crore in seed funding
The funds will used to invest in brands, expand product offerings, add new technologies and scale up customer acquisition. The company also plans to expand its workforce and ensure last-mile delivery, and thereafter, branch out into new categories
PremiumNEW DELHI: D2C Ecommerce India Private Limited, a multi-brand e-commerce company that runs the portal d2csale.com, said it has raised ₹6 crore in a seed round in a friends and family round.
The company which began operations last month, has been founded by Manish Gupta, an IIM-A graduate who has worked with companies like Paytm Mall where he was general manager, operations. He has also worked with Mahindra Logistics, Samsung Electronics, Amazon, Upscalio and ITC Limited.
The products that this website sells, Gupta said, are also available on other e-commerce platforms like Amazon, Flipkart, Snapdeal, Myntra and Meesho. The current product categories include fitness, sports, beauty, cosmetics, apparel, accessories, books, food items, travel packages and technology.
Gupta said, “We are really excited to debut our first-of-its-kind multi-brand retail platform in the country. I believe that the Indian economy will only thrive if we are able to cater to the mass population. We will allocate these funds to invest in brands, expand our product offerings, add new technologies and scale up our customer acquisition. We also plan to expand our workforce and ensure last-mile delivery, and thereafter, branch out into new categories."
Ravi Khushwani, an investor in the company, said, “D2C brands are growing significantly as e-commerce consumption continues to capture a larger market share in the retail space. My investment in the D2C market will hopefully grow the D2C community."
India’s e-tailing space has been expanding at a robust 45% compound annual growth rate and has the potential to reach $70 billion over the next few years, said a joint report by Unicommerce, an integrated software as a service platform for post-purchase experience management, and retail consultancy Wazir Advisors.
India’s online retail market is expected to grow at 32% with the potential to touch $225 billion, it said in its India’s Retail and E-commerce Trends Report for FY22. D2C brands reported faster growth on their own websites at 80.4%, and a healthy 59.6% on e-commerce sites.
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