[Funding alert] Chennai-based merchandise startup Cover it Up raises Rs 3.5 Cr from angel investors
Pop-culture merchandise startuphas raised funding of Rs 3.5 crore in the seed round led by angel investors Sanjay Wadhwa, Manish Mardia, Madan Lal Gundecha, Vimal Jain, and Nishank Sakaria.
Founded by Ronak Sarda in 2014 in Chennai with a bootstrapped capital of Rs 21,000, Cover it Up entered the market by bringing custom smartphone cases and then steadily diversified towards one-of-a-kind LED cases as well as 3D cases. The company now customises unisex T-shirts, hoodies, journals, AirPod cases, notebooks, and yearly planners.
Commenting on the funding, Ronak said,
“The company plans to use this round of funding to strengthen operations by bringing in new and creative talents, simultaneously concentrating on R&D, and development of IT infrastructure, which will lead to an enhanced product portfolio.”
Some parts of the funds will also be earmarked towards research and development to enhance the existing product range and also create new ones, he added.
Cover it Up has shipped about 1,20,000 products for the year 2019-2020, while this year, it expects to sell 1,50,000 units.
Cover it Up team
Over the years, Cover It Up has partnered with some leading global brands like Marvel, DC, Warner Bros, FRIENDS, Harry Potter, Star Wars, Disney, and Looney Tunes to sell their merchandise. The brand has also been the official merchandise partner for Chennai Super Kings, Kaala, Darbar, Robot 2.0, and has recently tied up with NASA.
In order to establish a global footprint, the team also wants to create engaging content on the website by adding features such as Augmented Reality (AR) to enhance the customer experience.
“Customer experience and the relativity to the merchandise play a pivotal role in this niche area that we operate in. Therefore, our business model relies heavily on constant upgradation of engineering plus design skills. With this amalgamation, the company aims to touch revenue of Rs 25 crore by the next financial year,” Ronak added.
Cover It Up’s range of products now includes work-from-home products. The company also aspires to meet the increasing demands of customers for a variety of merchandise after the rise in the popularity of OTT platforms during the lockdown.