Mumbai-based Gizmobaba.com, a cross-border marketplace for curated gadgets and accessories, raised $250,000 (Rs 1.72 crore at the current rate) in a pre-Series A round funding led by LetsVenture, a top company official told TechCircle.
“With the latest funding, we aim to scale up our online business and open franchisee stores in tier-2 and tier-3 towns,” said Alok Chawla, co-founder of Gizmobaba.com.
The funding comes after Amit Kumar joined the team as the chief financial officer (CFO). Kumar was previously the CFO of Just Buy Live, an e-distributor that connected shopkeepers with consumer brands.
Gizmobaba’s current investors include Jaideep Nandi, CEO, Asian Paints PPG India, Sunit Mehra, managing partner, Hunt Partners India, Mazhar Faruqi, Jayesh Kamat and Sandeep Padoshi, co-founders, WOW Express, Faisal Khan, CEO, Bahrain Operations, Al Sharaf DG and Ajay Prabhu, co-founder, Quest Global.
Operated by Cosmos Online Pvt. Ltd, Gizmobaba was founded by Alok Chawla and Neeta Rijwani Chawla in 2013. Alok Chawla is a serial entrepreneur in the online payments and cross-border e-commerce space. Prior to Gizmobaba, Alok co-founded ZipCash.
Gizmobaba.com is an online marketplace for curated gadgets, electronics, accessories and small appliances. The company has been growing at 23% annually for the last four years and clocking gross merchandise value of over Rs 1 crore a month, according to Alok Chawla.
Gizmobaba.com has completed over 2,50,000 transactions since its launch, and currently delivers to over 14,000 pincodes, an official statement said.
Deals in the segment
- March 2019: Influencer-driven online commerce app Bulbulshop Shopping Network raised Rs 14.05 crore (around $2.03 million) in funding from a clutch of investors.
- March 2019: Micro-delivery startup Milkbasket acquired Noida-based online grocery venture Veggie India for an undisclosed amount.
- February 2019: Online grocery startup Grofers raised $60 million (Rs 425.4 crore) in a follow-on round led by existing investor and Japanese internet conglomerate SoftBank.