Kidswear e-com startup Unamia closes $1.2M seed round from AngelPrime, Blume Ventures
E-commerce startup Unamia, which deals in kidswear, has announced the closing of its $1.2 million seed round, raised from AngelPrime and Blume Ventures. Techcircle.in first reported in May that AngelPrime put in an undisclosed amount into the company in the first tranche of funding. Unamia has now closed the round with Blume Ventures joining in for the subsequent tranche.
Unamia, run by Bangalore-based Appcity Software Technologies Pvt Ltd, was set up by Jyotsna Pattabiraman, Mihir Mohan and Debasis Chakraborty earlier this year. The site offer kids’ wear for newborns, as well as for young children aged up to eight.
Commenting on the funding, Unamia CEO Pattabiraman said, “AngelPrime and Blume Ventures can be credited with building innovative, scalable and highly profitable online businesses across India. They understand the opportunities and the challenges involved in building a company. These investors have backed firms and been part of huge successes, and it’s heartening that they see the potential in us.”
“At a time when me-too e-commerce sites are running out of options, Blume believes that the e-commerce story is yet to be told,” said Karthik Reddy of Blume Ventures. “We are actively investing in companies who have differentiated capabilities, like Unamia. We are delighted to have Unamia join the Blume family,” he added.
Unamia directly competes with players like Inkyponky, FirstCry, Hushbabies and Mahindra Retail’s property Mom&Me, besides various other e-commerce sites like Fashionandyou, offering a wide range of kids’ wear.
Of the founders, Pattabiraman is an MBA from Stanford University and previously worked with CyberCash, Oracle, eBay, Outlook Ventures, Yahoo, Visible Path and Internet Entertainment India. IIT-Kanpur alumnus Mohan had earlier worked with Virtusa, BEA Systems, The Hit Factory, XEN GlobalTech, N-NET Technologies and Eterno Infotech before setting up Unamia. Chakraborty is an alumnus of the National Institute of Fashion Technology and IIM-Bangalore, who had worked with Lenny Fashion Ltd of Bangladesh, Tata International, Garments International, Indus League Clothing Ltd, Mahindra Retail and Studio Attire Initiative.
(Edited by Sanghamitra Mandal)
Prime Venture Partners is a private equity firm. It provides start-up, seed capital to companies operating in India. The firm seeks to invest in mobile payments, e-commerce and smart phones application services sector. It typically seeks to invest maximum of $1 million in its portfolio companies. The company was founded in 2011 and is based in Bengaluru, Karnataka.
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Blue Sapphire Commerce Pvt. Ltd. is an online web portal engaged in the business of retailing kids wear products. It offers kids wear for newborns and also for kids up to eight years old. The company was founded in 2012 and is based in Bangalore, Karnataka.
Blume Ventures Fund I is a $27.72 million seed and venture fund managed by Blume Venture Advisors Pvt. Ltd. It provides seed, early and venture capital to companies operating in India. The fund seeks to invest in data infrastructure, specialized finance, biotechnology, research and development, mobile application, real estate, movies and entertainment, human resource and employment services and consumer internet sectors. It typically invests between $0.05 million and $1.5 million in its portfolio companies.
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