- The seed round was led by global funds such as Global Founders Capital (GFC), White Venture Capital, Peer Capital and others.
- The company also saw participation from angel investors like the founder of CRED
Kunal Shah, flip kart‘s former co-founder Binny Bansal, and others.
- Flash will use the funding for product development, recruiting and global expansion.
Ecommerce startup Flash said Wednesday it raised $5.8 million in a seed round led by Global Founders Capital (GFC), White Venture Capital, Soma Capital, Emphasis Ventures, Zinal Growth and Peer Capital.
It also saw participation from angel investors such as Flipkart’s ex-co-founder Binny Bansal; CRED founder Kunal Shah; Arpan Sheth, senior partner, Bain & co; Sujeet Kumar co-founder, Udaan; Nikhil Srivastava – PAG venture; Lalit Keshre, CEO of Groww; and Rishi Vasudev, co-founder of GOAT Brand Labs, among others.
Founded by former Flipkart senior vice president Ranjith Boyanapalli, Flash is a
Flash aims to cater to the top 25 million power shoppers, who contribute nearly 70% of online shopping revenue and are estimated to grow to 65 million by 2030, it said in a press release.
“Power shoppers are an important consumer segment and their challenges will only increase with increasing e-commerce penetration in India and globally,” said Roel Janssen, partner, Global Founders Capital.
The company said Flash will enable an end-to-end ecosystem that empowers consumers to take control of their shopping and communication, unlock personalized experiences and address the issues of cluttered promotional email content.
“Our AI/ML-led platform will be backed by best-in-class encryption to protect privacy and return control to consumers. We’re aiming to get two million users on board in our first year,” said Boyanapalli, who is also Flash’s CEO.
The funding will be used for product development, hiring and global expansion, the company said.
Since the pandemic, online retail sales have continued to increase. In 2022, Indian e-commerce industry achieved $5.7 billion in online retail sales during the first week of festive sales i.e. September 22 – 30 – which is a 27% year-over-year growth (for the first week of sales), according to Redseer’s Ecommerce Festive Season ’22 report. In addition, according to industry estimates, after the pandemic, 78% of consumers preferred to shop online through electronic trading platforms.
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