Flash has raised $5.8 Mn in a seed funding round
The startup is yet to launch its offerings to consumers. Nonetheless, it aims to onboard 2 Mn users on the platform in the first year of its launch.
It aims to target 25 Mn power shoppers in India that contribute to around 70% of the online shopping revenue
Ecommerce enabler startup Flash has raised $5.8 Mn in a seed funding round led by Global Founders Capital (GFC).
White Venture Capital, Zinal Growth, Soma Capital, Emphasis Ventures, Peer Capital and angel investors including Flipkart’s founder Binny Bansal, CRED’s Kunal Shah, Bain & Co’s Arpan Sheth, Udaan’s Sujeet Kumar, PAG Venture’s Nikhil Srivastava, Groww’s Lalit Keshre and GOAT’s Rishi Vasudev, among others have also participated in the funding round.
Founded in 2022 by Flipkart’s former senior vice president Ranjith Boyanapalli, Flash claims to enhance the post-shopping experience of power shoppers.
In essence, power shoppers are people who frequently buy commodities and services such as food, grocery and clothes via online platforms.
Flash said that it seeks to resolve post-order experience of online shoppers in areas including rewards points, and cluttered communication with online brands.
“Power shoppers are an important consumer segment and their challenges are bound to magnify with increasing ecommerce penetration in India and globally. We are impressed with Flash team and product, and are confident that they will make a significant impact over the coming years,” said, Roel Janssen, partner of Global Founders Capital.
According to its website, the startup is yet to launch its offerings to consumers. Nonetheless, it aims to onboard 2 Mn users on the platform in the first year of its launch.
The startup aims to target 25 Mn power shoppers in India that contribute to around 70% of the online shopping revenue. It further estimates that the number of power shoppers in the country will rise to 65 Mn by 2030.
“The unique digital shopping identity will allow online shoppers to access personalized experiences, rewards, and clutter-free communications. Our AI/ML-led platform will be backed by best-in-class encryption to protect privacy and give control back to the consumer,” said Ranjith Boyanapalli, founder and CEO, Flash.
According to the startup, India has the third-largest online shopper base in the world, with 180-190 Mn shoppers in 2021. The country’s ecommerce market is anticipated to grow 3x to 600-650 Mn by 2030.
The startup plans to use the fresh funds for product development, hire talent and expand globally.
As per a Statista report, the country’s ecommerce market was pegged at $22 Bn in 2018. The industry is set to become a $350 Bn space by 2030.
Amazon and Walmart-backed Flipkart are key players in the ecommerce segment. Meanwhile, an array of emerging ecommerce players including Meesho, Ajio and Nykaa have also entered the sector in recent years.