New Delhi-based product aggregation website Baggout has raised funding from multiple angel investors, co-founder Deepak Jain told VCCircle. He declined to disclose the amount the startup raised.
The investors are Jabong CTO Sumit Jain, CommonFloor co-founder and CEO Sumit Jain, DGM Network founder Anurag Gupta, IREO PE Fund director Varun Khanna and Faraz Khan.
VCCircle had reported in May that Baggout, run by S.B. WebTech Pvt Ltd, was in talks with the Indian Angel Network and other individual investors to raise a little more than Rs 2 crore ($300,000) funding. Of the total amount, close to three-fourths was to come from the IAN and the remaining from the four investors named above. The IAN, however, is not part of this round.
This is Baggout's second round of funding, after it raised a small amount from two investors in March.
Deepak Jain, an alumnus of IIT Roorkee and IIM Ahmedabad, started Baggout in 2014 with his school friend Prashant Mahajan, who is the CTO of the startup.
Baggout offers a horizontal product discovery in the fashion category, mainly women fashion. The site allows users to search for products and then get directed to the partner e-commerce site to complete the purchase. Baggout gets a commission on every referred sale.
The company aggregates inventory from more than 300 partner e-tailers—including Amazon, Flipkart, Snapdeal, Myntra, Jabong, StalkBuylove and Koovs. It claims over one million unique visitors on the website and around 15,000 orders a month.
The company says it is working on two key aspects of fashion buying behavior—personalization and curation of best products. It claims to curate the best products from the 50 lakh stock keeping units available in the market.
“We are working on the personalisation and curation technology, so part of the funding will go there. Remaining funds will be used for growing our base of partner retailers and growing social media reach,” Jain added.
There are many other ventures in the product discovery side of business, especially in the fashion apparel and accessories segment. Voonik, Wooplr, Roposo and Yebhi are some of them.
Roposo is one of the most funded ventures in the fashion discovery space. Run by Gurgaon-based Relevant e-solutions Pvt. Ltd, Roposo in April raised $5 million from Bertelsmann India Investments. It had raised $15 million from existing investor Tiger Global Management last year.
Fashion discovery platform Hoppingo in May raised its second round of funding while Mumbai-based Hippily shopping personalisation app for women secured seed funding in April.
Like this report? Sign up for our daily newsletter to get our top reports. Leave Your Comment