Mumbai-based startup ListUp has raised $500K (INR 3.3 Crore) in its seed round of funding led by Kae Capital, along with participation of Kunal Shah (FreeCharge, CEO) and Sandeep Tandon (Tandon Group). Sasha Mirchandani of Kae Capital will be joining the board with this round.
Founded by Sumit Gupta, Pulkit Gupta and Saurabh Jain, ListUp was launched in January 2016.
The app allows users to buy and sell used items through their smartphone. Centred around geographical proximity, ListUp enables people to discover interesting goods being sold in their neighbourhood.
The investment will be used for product enhancements such as utilising data to give personal recommendations, offline and online marketing and also creating network density in the target markets.
Sumit Gupta, Co-founder & CEO, ListUp, said,
“This problem particularly excites me a lot, it’s is a huge opportunity in India and there’s lot more innovation that can be done in the used goods space using technology. With the increasing smartphone adoption and our unique approach to age-old classifieds, we’re making buying & selling of used goods easier, safer and much faster.”
What differentiates ListUp from other players in this space is its location-based discovery of products and social approach to classifieds. Unlike existing classified platforms where there is no real seller identity, all ListUp users are socially verified that leverages social connections to solve the problem of trust in the transaction. With 100% MoM verified user growth and with an average active user spending around 15 minutes per day on the app and active sellers spending 30 minutes daily, ListUp claims to create a product that people can use to discover and sell things within their neighbourhood in the fastest possible way.
Shubhankar Bhattacharya, VP at Kae Capital, stated,
“Sumit, Pulkit & Saurabh represent an exceptional trio of scrappy entrepreneurs. What they have created at ListUp is an easy-to-use and fun way to buy and sell used-goods. In many ways, they are redefining the shopping experience for the large and rapidly growing market for used products, and we are happy to partner with them on this exciting journey.”