[Funding alert] LetsVenture invests in Mumbai-based etailer Gizmobaba.com
The startup aims to use the funds from LetsVenture to scale up its online business further as well as to open franchisee stores in Tier II and III towns.Apurva P
Mumbai-based gadgets and accessories etailer startup Gizmobaba.com has raised $250,000 in a pre-Series A round funding. The investment, which was Gizmobaba's first round of funding, was led by LetsVenture.
This funding came in after Amit Kumar joined Gizmobaba as Chief Financial Officer. He was previously the CFO at Just Buy Live, an e-distributor that connected shopkeepers with consumer brands.
“We have been growing at 23 percent annually for the last four years. With the latest funding, we aim to scale up our online business further and also plan to open franchisee stores in Tier II and III towns,” said Alok Chawla, Co-founder, Gizmobaba.com.
Gizmobaba founded by Alok Chawla and Neeta Rijwani Chawla in 2013 is an online marketplace for curated gadgets, electronics, accessories and small appliances. It offers products that one is unlikely to find at electronic stores, such as teeth whiteners, head massagers, caps with solar-powered fans, etc. The users can choose from among the categories of home, mobile and laptop, personal care, kitchen, car, and more.
The marketplace now claims to be clocking GMV of over Rs 1 crore a month. The team says that the startup has completed over 2,50,000 transactions since its launch, and delivers to over 14,000 pincodes.
Gizmobaba gets site traffic of between 10,000 and 12,000 unique visitors per day. Its prime differentiator is that all their products are top grade high quality due their good sourcing partnerships in China, and all Gizmobaba products come with a three-month replacement warranty, said a press statement from the startup.
Gizmobaba’s current investors including Jaideep Nandi (CEO, Asian Paints PPG India), Sunit Mehra (Managing Partner, Hunt Partners India), Mazhar Faruqi, Jayesh Kamat and Sandeep Padoshi (co- founders of ecommerce logistics company WOW Express, Faisal Khan (CEO, Bahrain Operations), Al Sharaf DG, and Ajay Prabhu (Co-founder, Quest Global).
How this 47-yr-old entrepreneur built a marketplace catering to 900 SMEs, 2,500 retailers and 1...