Ecommerce Startup Meolaa Bags Funding To Offer Sustainable Products

SUMMARY

Meolaa has raised $2 Mn from Turbostart, which operates as a fund and an accelerator

Meolaa plans to use the funds to further grow its team to expand the platform

Founded in 2022, Meolaa is an ecommerce platform that offers more than 1,25,000 sustainable products from over 1,500 brands across six categories

Ecommerce startup Meolaa has raised $2 Mn in its seed funding round led by Turbostart, which operates as a fund and an accelerator.

Meolaa, in a statement, said it plans to use the fresh funds to grow its team as it looks to expand the sustainable ecommerce platform.

Founded in 2022 by Ishita Sawant, Meolaa offers more than 1,25,000 sustainable products from over 1,500 brands across six categories, including beauty and personal care, babycare, and health supplements.

Meolaa said it aims to redefine the way consumers interact with brands, ensuring every shopping experience is not just enjoyable but also deeply engaging. The startup said that it has recognised the shift in the choices of Indian customers towards sustainable products, and aims to leverage this opportunity.

“We aim to enable customers to shop with confidence knowing everything you buy from us is good for you, your family, and the planet,” founder Sawant said.

In 2022, the startup raised $165K in its pre-seed funding round.. Earlier this year, it bagged an undisclosed amount of funding from Dr. Ranjan Pai of Manipal Education and Medical Group. It also counts former Swiggy CTO Dale Vaz, Sixth Sense Ventures’ founder and CEO Nikhil Vora, Lighthouse Funds’ founder Sachin Bhartiya and StrongHer Ventures among its investors.

Helped by the growing internet and smartphone penetration in the country, a number of ecommerce startups have sprung up over the last few years. According to Inc42’s State Of Indian Ecommerce Report Q3 2023, the ecommerce sector has produced 25 unicorns and 14 soonicorns.

Overall, Indian ecommerce startups have raised a funding of over $33 Bn to date. The Indian ecommerce market is projected to reach a size of $400 Bn by 2030.

As per consulting firm Redseer, the gross merchandise value (GMV) of the country’s ecommerce sector is estimated to grow 18-20% to INR 90,000 Cr during the festive season this year from INR 76,000 Cr last year. It also estimated that about 140 Mn buyers would make purchases during the mentioned period.