Bangalore based iLenze has raised an amount of $500,000 from Singapore-based Mercatus Capital.
The raised investment will be used to build startup’s technical team. The firm is also looking to on-board academicians as well and is looking to build an active sales team, taking the total team count to 20 members. Part of the investment will also be used in building the application.
iLenze journey started in January 2015 and finally the product was launched in June 2015. The company has been founded by IIT-Kanpur batchmates Ashish Kumar, Koustubh Sinhal and Ankit Sachan. Currently there are three members and the company plans to expand its technical team strength to seven to 10 members. The firm will be launching the app for iOS and Android users in phases aiming for a closed beta in a couple of months.
iLenze is a visual search startup which bridged the information gap between the real and the online world. It helps a user in online product discovery. It is currently working in fashion, furniture and home-decor domains.
Presently, as the company claims its previous month’s revenue was $3000 while having contracts worth $10,000. Seeking the market size and opportunity, the firm is aiming to close a revenue of $100,000 in coming six months.
Talking about their aspirations and future plans, Ashish, co-founder of the company said, “Our bigger vision is to create a meta visual search marketplace. We have already started doing groundwork and one can expect the product being rolled out in a couple of months.”
The company has plans to go global and has already started commenced work with a Singapore-based startup. They aim to close close 10 global partners contributing 50 per cent of their revenues. And the firm is also planning to expand its services into verticals like electronics and FMCG, in near future.
On talking about there venture, Ashish said, “User Experience is something very dear to us.We have always focused on helping users find exact matches for products they are searching for with minimal hassle. The user does not need to draw boxes or identify categories. Also the scalability of our solution helps us answer more than a 1000 visual queries per second without loss of accuracy.”
Prior to iLenze, the co-founder trio had co-founded a social fashion discovery platform called Fashupp.
Visual search is the recent hot new feature taking over the eCommerce world. There are many players working in this space already. Some of the companies working in this space are Snapshopr and Voonik. eCommerce biggies such as Snapdeal and Flipkart, have also realised the potential of the visual search feature and thereby have enrolled it onto their platform. Flipkart launched ‘image search’ feature for mobile app users earlier this month. And Snapdeal launched a similar image search service by the name FindMyStyle in August 2015, to give store like shopping experience to its users.Category Investments