E-commerce enabler KartRocket secures $6M from Bertelsmann, others
Delhi-based BigFoot Retail Solutions Pvt Ltd, the startup behind KartRocket.com, a do-it-yourself (DIY) e-commerce platform for Indian small and medium businesses (SMBs) and retailers, has secured $6 million (nearly Rs 40.6 crore) in what would be its Series B round of funding led by Bertelsmann India Investments (BII).
Existing investors, Nirvana Digital India Fund, Nirvana Digital Investment Holding Co Ltd, US-based 500 Startups and Singapore's Beenext also participated in the fresh round of funding.
The funding will be utilised for the product development, talent acquisition, seller ecosystem development and performance marketing.
Founded in 2012, the firm provides a DIY e-commerce platform that enables Indian SMEs to launch their own e-commerce sites. The offerings include a number of storefront designs, domestic and international payment options, a shipping platform (ShipRocket) integrated with domestic and international logistic carriers, as well as a single shipping dashboard that helps SMEs manage their shipping and returns.
Stores on KartRocket are already mobile ready, and the company also helps SMBs sell more (and gain new customers) by integrating the ability to sell and manage orders across leading marketplaces such as eBay and Amazon at the click of a button.
The company claims to have more than 7,500 shops. It mainly competes with Shopify, Zepo and Infibeam's BuildaBazaar.
KartRocket had recently launched 'Kraftly', a mobile-first O2O marketplace that is targeting small sellers, individuals and homepreneurs in India in long-tail categories such as apparel, accessories, home, crafts, and other unique and eclectic products.
"By bringing such sellers online we are building the largest supply base of unique products for buyers to choose from. The fresh investment will help us with cutting-edge product development, talent acquisition, seller eco-system development and performance marketing," said Saahil Goel, co-founder and CEO of KartRocket.
"By giving the power of e-commerce back in the hands of the small seller, Kraftly has the potential to create an entire new e-commerce eco-system currently lacking in the Indian market. The recent growth in O2O commerce in countries such as China, Singapore, US and Japan is further validation of this business opportunity," said Pankaj Makkar, MD, Bertelsmann India Investments.
In 2014, KartRocket.com had raised $2 million in its Series A round of funding, led by Nirvana Venture Advisors, an India-focused early-stage technology fund, with participation from existing investor 500 Startups, besides Beenos Asia Pte Ltd, a subsidiary of Japanese e-commerce and incubation company Netprice.
Prior to that, in 2013, it had raised an undisclosed amount in angel funding from 5ideas Startup Superfuel and 500 Startups, with participation from Jatin Aneja, partner at Amarchand Mangaldas.