Launch of a multi format eCommerce portal with a million dollar funding- eBagsfull
There are various formats of Ecommerce prevailing in the market today. Flash Sales, Bids, Auctions, Estore etc. We would be introducing various formats of ecommerce under eBagsfull. The first format to be launched on the site would be a 24 hour deal model. Unlike the other popular deal sites which focuses more towards selling 3rd party services, we would only be concentrating on products. We are starting with 5 categories – Men, Women, Home, Kids & Electronics. Our target audience would be from Age Group 18 to 45. We take it ahead from there on in and would be having varying formats down the road.
13k likes before launch. What has been the secret sauce?
There’s no secret sauce or “chemical X” as far as I know. It’s more like you put in your best and show all your cards and if it’s worth it, you’ll get what you desired for. We have done some Facebook Advertising. Also, our content team manages our facebook page very well which brings us some organic traffic on the FB page. People have really been kind and refered us to their friends because of which we are able to reach 13k+ likes within no time.
Apart from me, Vikas Puri is and Neeraj Birdi are the co-founders. Hailing from a business family, Vikas has got varied interests in Real Estate and Chemical Business. Vikas is really gung-ho about the Ecommerce market in India due to which he planned to enter the same. And Neeraj would be managing operations for this joint business.
How has been eBagsfull funded?
We have been lucky enough to raise about a million dollar to start with and there’s a possibility of some more coming in from the same source (source not disclosed for confidentiality reasons). We’ve had a few other offers but we’d like to have a minimum number of transactions happening on our site before we approach anyone for further funding.