Pune based merchandise startup icustommadeit.com has raised $4 million of brand capital from Times Group’s Brand Capital, Siddhivinayak Skyscrapers, an industry veteran and Dinesh R. Challa, IIT Roorkee alumnus; in its Pre-series A funding round, as announced by the company.
Icustommadeit has offered a substantial amount of equity to ad-for-equity media investor Times Group’s Brand Capital to advertise its brand and offerings through various media publications of Bennett, Coleman & Co Ltd, which operates as Times Group. With this partnership, the startup seeks to expand presence in 18 target cities and also start its global operations. Though even the deal amount is worth $4M a small component is likely to be available in cash.
Announcing the investment received, Raj Iyer, Director and CMD of icustommadeit commented, “We are very confident and looking forward to create a high impact in the market by utilising Times Group’s expansive outreach and matchless media mix. We are also in progressive talks with a few Venture capitalists for initiating a next round of funding within the next few months.”
Currently, the company offers an array of over 25000 products spread across 33 categories. It had raised $250,000 each in its second and third round of angel funding in June and August 2015 respectively.
In the coming month, the startup is planning to launch a brand of handcrafted watches ‘Aion’. It also entered licensed agreements with top merchandise brands recently.
The last round of funding was led by Aditya Pethe (MD, Waman Hari Pethe Jewellers), Vidisha Vaidya (Indirect Tax Head, Eaton India), Aparna Pittie (Director Delloite Consulting), Emrise Superfund Australia, and Ravi Kant Sharma (Quality Lead; Chevron, India).