Exclusive: School products marketplace Schoolwear.in raises $1.5 mn in seed funding

10 May, 2016

school.inSchoolwear.in, which has a mixed marketplace model for selling school uniforms and supplies, has raised Rs 10 crore ($1.5 million) in seed funding, a person close to the development told Techcircle.in.

Mumbai-based SchoolWear Pvt Ltd separately said it has raised funds from the promoters of Mumbai-based publishing firm Navneet Education Ltd. It didn't disclose the amount of funds raised.

The startup said it will mainly use the funds to launch a range of school products including uniforms, footwear and accessories across 500 schools in 15 cities by the end of this year. The company is mainly targeting Maharashtra, Gujarat and Goa states for expansion.

Sunil Gala, the promoter of Navneet Education, said that there is big potential in the unorganised $3 billion school products business and that the segment's online presence will only increase.

Schoolwear.in was founded in 2014 by Ketan Zaveri and Amit Zaveri. The startup claims to have sold uniforms to about 30,000 households in more than 20 schools in Mumbai alone.

Schoolwear.in joins Schoolkart.com and Fastudent in raising funds over the past year. Schoolkart.com raised $300,000 in funding from 12 angel investors early this year. EduVision Retail Technologies Pvt Ltd, which runs educational products aggregator Fastudent, raised an undisclosed amount of seed investment from a group of angel investors led by Evalueserve COO Ashish Gupta late last year.

Leap Growth Partners LLP was the financial adviser while RDA Legal was the legal adviser to Navneet's promoters for the transaction. Pantomath Advisory Services Group was the adviser to SchoolWear and its promoters.

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