16 August 2016, India :
Salebhai.com, an e-commerce platform for regional goods from across India that is representative of a culture, has received a major boost from Brand Capital of Times Group. The media conglomerate has come on board with a deal size of Rs 10 crore for a minority stake in the company.
The investment is the second transaction by Brand Capital, which is the investment arm of the Times Group (ETtech), also the publisher of this newspaper, over the last couple of weeks. Last week, Brand Capital invested $1.5 million in peer-to-peer lending venture Faircent.com.
Vishwa Vijay Singh, Co-founder, Salebhai.com said, “We are extremely delighted to have secured such significant funding from Brand Capital. I’m confident that our partnership with this esteemed establishment will help us expand our footprint and acquire more customers in India and abroad.”
Launched in September 2015 by former ICICI Lombard executive Vishwa Vijay Singh, Purba Kalita and Pramod Rao, Salebhai describes itself as a one-stop ecommerce marketplace for regional products, a list that includes, sweets, namkeen, chocolates, bakery items, spices, dry fruits, beverages, and pickles. It also offers other products, such as, handicrafts, paintings, puja items, handloom goods, and herbal and wellness items.
It currently sources products from over 100 cities and 250 select vendors. The company also offers other products such as handicrafts, paintings, puja items, handloom goods, and herbal & wellness items.
So far, the company claims to have 4,200 active users, out of which 22% are repeat buyers. Its Gross merchandise volume(GMV) is valued at Rs. 70,00,000. It is hoping to further increase sales through web personalization & marketing automation in the next couple of years.