BANGALORE: Ecommerce startup Relevant e-solutions, which runs gifting recommendation engine Giveter and product discovery platform Roposo, has raised a further round of funding from existing investors — earlystage funds India Quotient and 5 Ideas Startup Superfuel and Flipkart cofounder Binny Bansal. The two-year-old company had raised its first round last December.
With this round its total funding comes to $1 million (Rs 6 crore). The current investment is for its fashion discovery platform Roposo, which was launched in May. The company intends to use the risk capital for product development and for expanding its 25-strong team. The site, which has a social element too, helps customers visually discover fashion products from over 150 online stores.
Unlike other sites where users need to search according to filters set by them, Roposo uses few filters and is more intuitive, said cofounder Avinash Saxena. “Fashion is not a shopping problem, it is a data problem. As the user browses and explores more our platform personalises further,” said Saxena, 31, who was earlier chief technology officer at restaurant search site Zomato.
Product discovery sites are garnering investor attention with the quick growth in online retail. Earlier this year, online marketplace Snapdeal acquired fashion discovery site Dootzon. Last year, Klip.in raised an undisclosed amount of angel funding from Mumbai Angels and from investors associated with startup accelerator VentureNursery. Saxena founded Relevant e-solutions with fellow IIT-Delhi alumni Mayank Bhangadia and Kaushal Shubhank in 2012.
Roposo lists about 2 lakh products and has over 1 lakh unique monthly visitors. The company, which earns money through commissions, did not disclose revenue. The firm has added a feature where specific discounts are tagged to products depending on the lists made by the consumer.
Earlier this month Binny Bansal and his Flipkart cofounder Sachin Bansal joined investment firm Saif Partners and other prominent angel investors like MakeMy-Trip cofounder Deep Kalra to invest Rs 4 crore in TouchTalent, an online marketplace for creative talent.
This entry passed through the Full-Text RSS service — if this is your content and you’re reading it on someone else’s site, please read the FAQ at fivefilters.org/content-only/faq.php#publishers.