E-commerce solutions provider Kreate Konnect raises seed investment
Kreate Konnect, which manages operations for e-commerce companies, has raised an undisclosed amount of investment from advertising agency Langoor, one of the company's co-founders told VCCircle.
The startup will use the funds to develop its product and to expand its sales team, Piyush Jaidev, co-founder and chief operating officer of the company said.
"We envision reaching 100 clients by the end of 2017 and aim to achieve a monthly GMV of Rs 5 crores," Jaidev said.
This is Langoor's first investment in a startup.
Kreate Konnect was founded in June 2016 by Jaidev and Abhishek Jain, the chief executive. The co-founders had earlier created a brand called VintFlea, an online marketplace for vintage-inspired recycled/upcycled products across craft supplies, clothing, home decor, shoes, bags and accessories.
Kreate Konnect provides end-to-end e-commerce solutions to sellers to retail their products in both domestic and international markets. Its propriety cloud-based technology allows users to sync and automate all processes on a single platform.
Startups that help retailers sell online have received investor interest in the past few months.
In December 2016, 10i Commerce Services Pvt. Ltd, which runs ShopX, raised $5 million (Rs 33.9 crore) additional investment from Infosys co-founder Nandan Nilekani.
In July 2016, ShoppinPal has raised around Rs 7 crore ($1.07 million) in its Series A round of funding.
In January 2016, Delhi-based KartRocket.com, a do-it-yourself (DIY) e-commerce platform for Indian small and medium businesses (SMBs) and retailers, had secured $6 million (nearly Rs 40.6 crore) in its Series B round of funding led by Bertelsmann India Investments (BII).
In the same month, SnapBizz Cloudtech Pvt Ltd raised $7.2 million from Jungle Ventures and others and subsequently received the backing of Tata Sons chairman emeritus Ratan Tata in February 2016.
Other startups in this segment include Shopify, Zepo, Shopmatic, StoreHippo, and Infibeam's BuildaBazaar.