News Roundup: India Quotient invests in Wishberg; Shopclues.com gets a new CEO; Future Lifestyle Fashion invests in Famozi; Spuul launches offline sync

wishbergWishberg raises seed funding from India Quotient and others

Mumbai based consumer startup that allows users to build their “One wishlist for Life” has undisclosed amount in in seed funding led by early stage fund India Quotient. The round also includes participation from angels like Vijay Shekhar Sharma (Chairman and Managing Director of One97 Communications), Uday Sodhi (CEO of HeadHonchos) and others investors.

The funds will be utilized by the company in its continued efforts of product development and to add engineering and design talent to the team.

Wishberg currently allows people to build and share their bucket list. The company recently has added a few new features which includes The Future Timeline (setting target dates to complete the wishes), Secret Wishes (adding wishes anonymously), Trending wishes (let users discover interesting wishes shared by others) and allowing users to wish for practically anything.

Wishberg was founded by Pravin Jadhav, who was earlier Product Head (Ecommerce & Mobile) at Rediff.com India Limited (NASDAQ:REDF) and Kulin Shah, ex-Senior Investment Manager at Reliance Venture Asset Management, venture capital arm of Reliance ADAG. Currently it is working with a 9 member team.

shop-cluseShopclues.com gets Sanjay Sethi as the new CEO

Online marketplace, Shopclues, which previously made media reports due to arrest of its CEO, Sandeep Aggarwal on the charges of insider trading in 2009, has recently appointed co-founder Sanjay Sethi as the new CEO of the company.

Sanjay is among the other co-founders of Shopclues and was the leading the company as the VP Products & Operations before taking the role of CEO. Prior co-founding Shopclues he has also worked eBay where he was Senior Director – Products.

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The company previously had also stated that the its business will not be affected by the arrest and has also assured its customers, merchants and all stakeholders to continue provide best-in-class service.

Sandeep Aggarwal, who prior founding Shopclues was a former Wall Street analyst and was arrested in last week of July this year in San Jose on insider trading charges. Though Sandeep was later was released on bond by the authorities.

Shopclues was founded founded in 2011 and the company is been backed by PE and VC funding by industry stalwarts like Helion Venture Partners, Nexus and Tokyo-based Netprice. The company was processing 10,000 orders daily or approx run-rate of 3.5 million order per annum (as of August).

famaziOnline footwear retailer Famozi to raise funding from Future Lifestyle Fashion

Online private label footwear retailer Famozi, is in process of raising its first round of PE investment led by Future Lifestyle Fashion, says Puneet Khanna Founder & Director of Famozi.

The funding will be closed in a few days, but Puneet declined sharing the amount of the funds to be raised.

The company plans to use the funds raised for growing its  brand presence.

For now the company only offers men’s collection and soon it is going to venture in women footwear as well. Its products are available in Singapore, Dubai and other Middle Eastern countries and it will start in operations in Russia in March and it is also in plans to launch services in Malaysia, Pakistan and England as well.

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spaulSpuul launches Offline Sync, plans to raise USD 10 Mn in fresh funding

Singapore based Spuul, an online streaming site for Bollywood movies, classic Indian movies and TV shows, has recently introduced offline sync to enable content viewing without any internet connection being required.

The offline sync feature will allow subscribers with an option to sync multiple movies

for offline consumption. To ensure that this might not lead to online piracy subscribers will have 72 hours to consume their synced movies before they must reconnect to verify their account and offline content.

The company is also in discussions with venture capitalists to raise USD 10 Mn  to finance expansion of technical infrastructure and team, provide marketing activities and create content.

The company is currently streaming 2,000 movies daily and adding 30% viewers every month. It has about 1,000 movies in its library.

To contact author, email at pooja.sareen@wirefootindia.com

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