Investments, News

Yet to be launched raised $ 2 million from unknown foreign angle investors

Yet to be live horizontal online B2C market place co-founded by erstwhile Wall Street analyst Sandeep Agarwal, has raised over $2 million in funding from international angel investors reports techcircle. The name of the international angel investor has not been disclosed, however angel is said to be serial entrepreneurs and early employees of some reputed internet companies. This is the second yet to be launched start-up in a row that has secured fund after Ambreesh Murty led pepperfry raised $ 5 million from Norwest Venture Partners.

 Beta version of claims to offer unparallel service to consumers as well as sellers to engage in healthy and trustworthy transaction. LinkedIn profile of the company states that it enables third party merchants to list and sell their products/services at and also commits to deliver second to none online shopping experience for its customers.  The core team of shopclues includes Sanjay Sethi, Mrinal Chatterjee and Radhika Aggarwal

The site is expected to open for transaction in next few weeks or within a month, at present; the start-up employs 24 people in its offices located in Gurgaon, Silicon Valley and Baroda. Throwing light on shopclues’s business model, Aggarwal said “This is not a niche offering, nor is it an alternative e-commerce business like group buying or private sales. It is a horizontal play which, we think, is the right kind of play for India”.

Speaking more about shopclues’s strategy Sandeep Aggarwal said that social media is a new discipline to engage and acquire customers. In India, it is a newer concept and we see a huge, upside potential to harness the social media. It enables us to have a niche audience and include them in our initiative. Social media will be the largest bucket to drive traffic and user engagement. Unlike other online companies, its marketing strategy would leverage digital marketing tools like online search, affiliate marketing and mobile marketing to gather consumer’s eyeballs. Further Aggarwal added “Our marketing spend will be significantly lower than other e-commerce companies, which typically spend Rs 150-1,200 to acquire a customer”.

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