Gurgaon based, pet product store DogSpot.in has received an undisclosed amount of funding from India Quotient. DogSpot was seed funded by Vikas Saxena (Global CEO Nimbuzz), Vaibhav Gadoddia (VP Tech Nagarro) and Ritesh Chauhan (Telecom Consultant) and Early Stage Angels: Tanjai Ventures and Kibo Partners. “We will be using the funds for Product management and addition of private labeled products in various categories”, said Rana Atheya, Co-founder, Dogspot.
“Somebody has to be very very passionate to do this thing. Rana did not start an ecommerce company opportunistically, just like everybody else. he first started a community for fellow dog lovers, that thing grew into ecommerce and now they are doing a private label too. For us, there was a clear answer to ‘Why is this guy doing this? and the answer is clear- he loves dogs and won’t do anything else even if it meant a lot of money. Rana has built a great team of co-founders and we liked everybody there. We will be looking at adding a few key people too post funding,” mentioned, Anand Lunia, Founder, India Quotient.
Most of the products for dogs are imported right now, and there is no Brand per se in India. Dogspot will be filling that void via a private label for many products that dog owners buy regularly.
According to the information shared by the company, DogSpot is serving a client pool of over 5000 people spread throughout the country. Having delivered over 15000 orders across 950 cities, it has a community of over 20000 website users who continually contribute to its success through exchange of their photographs, information and experiences.
This is a second in the row investment by India Quotient in this week; previously India Quotient has also invested $500k in Subscription based online cosmetics shop Vellvette.com.
Commenting on the investment trend of India Quotient, Anand Lunia added, “When we closed our fund last year, we thought what is the most audacious thing we can do to shock our investors? And the answer was ecommerce. But in private, everybody loves ecommerce. It is not as if we have great malls, parking space, high streets, cheap real estate, successful retail companies etc where people can consume things. The fact is that people have nowhere to go. So they have to buy ecommerce. There are new buyers converting to ecommerce, and I am yet to hear anybody say ‘I tried ecommerce, and I am not going to do it again’. So there is room for those who want to grow slow and steady. We dont expect follow on cheques for ecommerce in the first half of 2013, but after that, things can look different.”Category Investments News