Bluegape, an online platform for fan based merchandising and customized products raised an undisclosed amount of funding from Aniket Khera, Rahul Bhatia and one more Internet Entrepreneur on convertible notes. The funding is said to be less than INR 1 crore. The funds will be utilized in signing up with more brands for their Fan Merchandising rights and to improve logistics and warehousing.
“We are trying to become one stop destination for all brands who want to launch their Fan Merchandising in India, be it Mountain Dew with their ‘darr ke aage jeet hai’ tagline or Vodafone with their ‘Zoozoos characters’ or Yashraj Films for their ‘any movie’. We are also speaking to some international brands who want to launch their Fan Merchandising in India.”, said Sahil Baghla, CEO Bluegape.
When asked about the market opportunity in the segment, he said that last year 125 licensees did a business of $184 billion and they are seeing a market of $60 billion in India for Fan Merchandising. Also, till date only few brands like Angry bird or Disney are able to figure out how to make money from Fan Merchandising in India and market is still niche for lot of brands be it Temple Run/ Fruit Ninja or The Big Bang Theory.
Started as an e-tailer of customised posters in August 2011, Bluegape has over 50,000 unique products including mugs, posters, laptop skins, cushion covers and many more. In March last year, Bluegape was selected by TLabs, an accelerator program and received a total of INR 10 lakhs from it. TLabs is an accelerator program run by Times Internet Ltd.