Curated online marketplace Qtrove bags Rs 350 Cr from BCCL-backed Springboard Ventures
Qtrove will be using the funds to further intensify its marketing, customer acquisition efforts and vendor network through BCCL's (Bennett, Coleman & Co Ltd) media arms.
Bengaluru-based curated online marketplace Qtrove, which rounds up non-factory made products on its platform, has raised Rs 350 crore from Springboard Ventures – Brand Capital, an investment arm of media house Times Group’s holding company Bennett, Coleman & Co Ltd (BCCL).
Launched in 2015 by Vinamra Pandiya and Prashanth Nagarajan, the platform offers non-mass produced products from small sellers in an attempt to free online shoppers from the 'tyranny of choice'. The startup is backed by GrowthStory (startup incubator founded by serial entrepreneur K Ganesh).
From fresh bakery goods to handmade soaps, Qtrove claims to bring to the fore eco-friendly products that are not easily available across the online spectrum. It is a two-sided marketplace for natural, handmade products which allows curated sellers to list on its platform and for customers to order on its platform and mobile application.
In a statement released by Qtrove, Co-founder Vinamra Pandiya said, “We are confident that our partnership with Springboard will redefine and transform the way natural, handmade, non-mass made products are consumed in India. We call ourselves as a democratic, trusted, two-sided marketplace focusing on true value creation and not on mad discounts and unsustainable cashbacks.”
With a mission to be the ‘Etsy’ of India, Qtrove is looking to establish itself as a default choice for customers looking for natural and sustainable products for their day to day usage.
“With Springboard coming on board, we are very well poised to reach a wider audience and increase our seller network. This association is going to add new wings to Qtrove and help the brand soar greater heights,” said GrowthStory's Ganesh.
Qtrove will be using the funds to further intensify its marketing and customer acquisition efforts and vendor network through BCCL’s stable of print, television, radio and digital media.
On the investment, Sam Subramanian, CEO of Brand Capital, said, “Springboard is tremendously excited to partner with K Ganesh and Vinamra on Qtrove. Qtrove will provide a unique marketplace for hundreds of thousands of artists and small businesses to gain a cost less shop front and create millions of happy customers. Given India’s vast number of artisans, craftspeople and artists, we expect Qtrove to grow into the Etsy of India."
Qtrove, which stands for 'curated trove', today offers close to 6,000 products from 600+ sellers across 40 categories.