E-commerce marketplace for organic products Joybynature secures $1 million funding by Mumbai Angels and others
Organic and natural product focused e-commerce platform Joybynature has raised $1 million pre-Series A funding led by Mumbai Angels, Contrarian Vriddhi Fund and individual angels, including Abhimanyu Munjal (Hero Group), Vaaman Sehgal (Mothersons Sumi group), Dhairya Choudhrie and Somak Ghosh.
The proceedings will be deployed towards developing a private label, acquiring senior level talent, marketing, and technology ramp up.
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Founded by IIT & IIM alumni Shailesh Mehta and Rahul Kumar, Joybynature currently has 35,000 plus registered customers and has so far done 50,000 plus orders with minimum marketing spends. Speaking about traction, Shailesh, Co-Founder and CEO, Joybynature said,
The company is on the cusp of exponential growth and we plan to change the way people buy organic and natural products online by providing a solution-driven buying experience.
Joybynature addresses a critical gap of discovery, and awareness about safe, organic and natural products in India, which is potentially a $10 billion industry. The company has registered GMV sales of INR 1.7 crore in FY2014-15, and has been able to differentiate itself from its competitors by focusing on content-driven sales and guiding customers who are still new to a natural way of life.
The company has tied up with over 300 vendors and gets over 65% of its orders from states outside North India. Talking about the thesis behind the investment, Mumbai Angels added,
Joybynature is driving the movement for organic and natural products. Not only does it offer a well selected array of 10,000 products from trusted brands, but it also has experts that give wellbeing advice through live chats and aims to educate people about health-related issues.
The Delhi-based company competes with Saatviko, Naturalmantra and Browntree. With this pre-Series A round, Joybynature is looking to go global as international markets are lucrative for pushing organic and natural products. Currently, the global market size for such products is worth over $250 billion.
YourStory's take
Over the past couple of years, demand for organic and natural products is on the rise because of increased awareness about benefits of natural products and penetration of complementary segments like Yoga and Ayurveda. Joybynature seems to be an interesting e-commerce play in and outside India.
Importantly, with backing from prominent angels, global expansion would be easier for the venture.
Joybynature’s strong focus on content and cost-efficient customer acquisition strategy are strong differentiators over competitors. In the future, this niche would be interesting to watch in the overall e-commerce space. Stay tuned for more updates.