[Funding alert] Online marketplace IsGoingOnline raises Rs 1.5 Cr in pre-Series A round
Kochi-based digital catalogue and marketplace IsGoingOnline (IGO) on Wednesday raised Rs 1.5 crore in a pre-Series A round led by Artha Venture Fund.
The round also saw participation from Unicorn India Ventures, SEA Fund, and Devdatt Shah (former Managing Partner at Brookfield Asset Management).
The startup will use the fund to scale up internationally and enter the US, Canada, and the Middle East markets, besides adding key product capabilities.
IsGoingOnline — earlier known as PerfectFit — leverages artificial intelligence (AI) to offer a holistic services stack that enables small and medium enterprises (SMEs) to set up online operations and be listed on third-party websites like Amazon and Flipkart.
“The startup has the know-how and deep understanding of the retail business and the necessary tools that can enable a massive chunk of SMEs to explore social commerce, thereby directly impacting their bottomline,” remarked Anil Joshi, Managing Partner of Unicorn India Ventures.
Speaking on the startup’s pivot from being a platform facilitating 3D scanning of products for sellers to enabling listing for SMEs, Eobin George, CEO, IsGoingOnline, said, “While interacting with small businesses, we realised that they were finding it challenging to use traditional online listing platforms, where a high commission was a common problem.”
It also launched its app for sellers that helps create ultralight web stores, which are shareable on WhatsApp and other social media platforms.
The startup, which owns two patents in the digitisation and display technologies segment, now claims a 25 percent monthly growth. Connecting over 400 businesses with more than 120,000 buyers in India, the startup caters to clients, including Bigbasket, Namdhari, French Terrain, and IceBasket, among others.
It is now eyeing to capture 18 percent of the online transformation market by FY23-24.
An early-stage micro-VC firm founded in 2018, Artha Venture Fund’s portfolio includes Agnikul, LenDenClub, HobSpace, PiggyRide, Daalchini, and Kabbadi Adda.