Dipti Gore
New Delhi, Oct 6 (PTI) : Online art and merchandise shop PosterGully expects its gross sales to jump over two-fold to Rs 8 crore this fiscal, driven by home decor and casual wear segments.
“We have been profitable since the third month of operations. Our gross merchandise value in 2013-14 was Rs 1 crore, last fiscal it grew to Rs 3 crore and is estimated to reach Rs 8 crore in 2016,” PosterGully Founder Bharat Sethi told PTI.
Set up around three years ago, PosterGully is a curated marketplace that enables artists, designers and anyone who holds original visual content to contribute and merchandise unique designs.
It sells a variety of products such as phone cases, art prints, home decor and clothing to consumers globally.
“The market opportunity for us is huge. The affordable art, wall (art) and home decor market in India is USD 20 billion, as per a report by Technopak.
“Also, it is estimated that the Indian casual wear market is registering a CAGR of 9 per cent to reach Rs 3.15 lakh crore by 2017,” the 25-year-old founder of the firm said.
He said the firm is connecting with artists through social media and offline activities such as visiting art institutes.
“By sharing designs with us, artist are now able to monetise,” Sethi said.
The investors in the firm are Flipkart’s VP-Operations Anuj Chowdhary, GSF India Founder Rajesh Sawhney, Iron ore mining firm Mineral Enterprises, among dozen others.
“I founded PosterGully at the age of 22 with savings of Rs 1 lakh… we have raised USD 40,000 in January 2014, USD 160,000 was raised in June 2015. We are planning to raise USD 5 million in the next 6 months,” Sethi said.