Mumbai-based Jhakaas Technologies Pvt. Ltd, which runs the Jhakaas app that aggregates local offline businesses, has raised Rs 1 crore (around $154,000) in seed funding from a clutch of investors, its co-founder Bharat Mandot said.
The investors are: Mumbai-based management consultancy firm Stelcore Management Services Pvt. Ltd; Malini Patel, country manager, Bloomberg Data Services Pvt. Ltd; CP Sanadhya, director at housing finance company India Shelter Finance Pvt. Ltd; and Anjani Prasad, managing director at colour and specialty chemicals company Archroma India.
Mandot told VCCircle the company will use the funds primarily to develop the technology platform and boost merchant awareness.
Jhakaas offers offline vendors a technology platform to sell their goods. Users of the app can shop grocery, medicines, etc. from local stores. The app currently has more than 35 categories, and it is available in Mumbai, New Delhi and Bangalore.
The company claims it has tied up with more than 30,000 merchants in the three metros, and expects to grow its network to more than 1 lakh merchants in six months. It is currently targeting to add at least 800 merchants every day. The app is available both in Android and iOS versions.
Jhakaas charges a monthly fee to its vendors for revenue, Mandot added.
Mandot is a chartered accountant and company secretary, and an alumnus of the Indian Institute of Management-Calcutta. Co-founder Jeetendra Sanjeeva is an experienced logistics professional, and a graduate from University of Mumbai.
Mandot said the company is looking to raise $2 million in its next funding round.
Jhakaas competes with the likes of Goodbox and NowFloats. Early this year, NowFloats had raised Series B funding of $10 million. In 2015, Goodbox had raised $2.5 million from Nexus Venture Partners.
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