Today, MyFirstCheque announced its fourth investment in Precared, an online store for pre-used baby products. Precared buys used durable baby products from parents and post cleaning and sanitizing them offers them on sale on its website.
Precared is a Mumbai based startup, founded by Tabrez Khan in June 2011. Tabrez comes with over 10 years of marketing and sales experience in pharmaceutical industry. Currently, Precared’s team is five people strong.
The size of investment was not disclosed. Tabrez said that the funds shall be used for marketing, hiring and building warehouse capacity.
On the occasion of its 4th funding announcement Gautam Sinha, Partner, MyFirstCheque said, “We loved the innovativeness of Precared as a business. They are addressing a great space and have provided the necessary twist to make available extremely high quality baby products at prices that make it competitive for a very large mass of Indian consumers. We also see a huge potential for these products beyond the metro cities of India which makes it even more exciting. As always, at the end it was Tabrez’s experience and focus that swung our decision to invest.”
Commenting on the completion of the funding, Tabrez Khan, Founder, PreCared said, “I saw a tremendous response to my idea from parents both on the buy and sell side when I tested the model last year. This convinced me that I was on the right track and I started speaking to investors. I am happy that MyFirstCheque appreciated our concept and the impact that it can have on the ever growing child product space in India. We understand the sensitivities of our buyers and make sure that we not only purchase products in excellent condition but also provide a “condition” rating on the site with respect to each product so that the buyer is completely aware of what he or she is buying. We are aware that we are in the “repeat buying” space and I have already seen that once I have a parent buying from our website they are hooked and make at least 2-3 more purchases.”
Elaborating on PreCared roll out plan, he further stated, “Currently we are sourcing products only from Mumbai as that is where we have our warehouse but can deliver to any part of India. Eventually we will set up 2 more warehouses in the South and North of India to source products from these areas also. We feel the sourcing market in Mumbai as of now is large enough for us to satisfy parents all over India.”
He also added that they are soon looking at generating 6-8 lakhs of revenue every month.
Visit http://precared.com/ for further information