Delhi based social gifting startup, Giftology, raises a seed round from Kiran Sidhu; Appoints new CEO
Giftology, a Delhi based social gifting venture founded by Nikhil Sama and Aman Narang, has secured an undisclosed round of seed funding from Mr. Kiran Sidhu. Mr. Sidhu is Chairman of Transact Network which he founded in 2006. He has made seed investments in various technology and biotechnology ventures. Mr. Sidhu also funded and oversaw the development of BuzzDash that was sold to the Tribune Group in 2009.
Giftology has a value proposition (full review) that allows users to present redeemable gift vouchers (paid and free) to their friends. Giftology makes money via commissions from associated sites. The funding will primarily be used to expand the team, build a better product and roll out mobile apps across platforms. Along with this announcement, Giftology has appointed Varun Vummidi as the CEO. Varun was previously Entrepreneur in Residence at Jabong.
"The try-n-buy concept has a lot of potential in the Indian market and people get very excited when they learn about Giftology. I see it as 'the' gifting platform for all your gifting needs in coming days," says Varun about the move. The total team size is 10 and Giftology has more than 5000 users. Giftology also has 40+ partners on the site.
The model has been tested in the western market by other companies and has worked well. Giftology can certainly look to grab a share of the huge Indian market owing to its local presence.