Curated e-commerce marketplace for sweets, dry fruits and handicrafts, Salebhai.com, has raised Rs 10 crore in funding from Brand Capital. Other investors in the round included Hungama vice president Virendra Shekhawat, Deepak Chokhani, director – Equity Capital Markets at Malaysian bank CIMB, and Yogesh Patel, the promoter of Australian venture Instani.
The investment in this venture based out of Ahmedabad is the second transaction by Brand Capital, which is the investment arm of the Times Group, in the duration of few weeks. Last week, Brand Capital invested $1.5 million in peer-to-peer lending venture Faircent.com.
Salebhai was launched in September 2015 by Vishwa Vijay Singh, Purba Kalita and Pramod Rao. Singh has previously worked with Airtel, Nerolac and ICICI Lombard and has more than a decade’s experience in sales and marketing. Rao is a software professional who has earlier worked with Polaris and Expedite Solutions in 2007.
The company describes itself as a one-stop ecommerce marketplace for regional products, a list that includes, sweets, namkeen, chocolates, bakery items, spices, dry fruits, beverages, and pickles. Salebhai also offers other products such as handicrafts, paintings, puja items, handloom goods, and herbal and wellness items. Singh who is the co-founder of Salebhai said in a statement:
“We are extremely delighted to have secured such significant funding from Brand Capital. I’m confident that our partnership with this esteemed establishment will help us expand our footprint and acquire more customers in India and abroad,”
The startup claims to source its products from over 100 cities and 250 vendors across the country. Prior to this, almost six months back the company raised funds from its own customers, including a number of high net-worth individuals, for its expansion. This was in the month of Feburary, about 12 investors had pumped in between Rs 5 lakh and Rs 1 crore in the venture.