In a season of dried up VC funding and angel funding, corporates are having their moment in the sun. Marking its second investment of the week, Ahmedabad-based OhoShop, a Software-as-a-Service (SaaS)-based mcommerce enabler has raised $1 Mn funding from Brand Capital.
Abhishek Agarwal, co-founder & CEO, OhoShop said, “Our consistent efforts have paid off and the trust shown in our abilities by the investors is indeed encouraging. OhoShop has lined up aggressive expansion plans and the funds will help us build our brand and expand our presence.”
Founded in Feb 2016 by Abhishek Agarwal, Nidhi Agrawal, and Rakesh Jain. OhoShop is an mcommerce platform that creates iOS and Android apps for small- and mid-sized enterprises. It allows retail stores to have a mobile apps with monthly payment. It can create an app for grocery store, restaurant, fashion, catalogue, optical store, florist, cake & bakery, etc.
The startup will use the newly raised funding for marketing. The app allows shop-owners to take orders through mobile phones, promote apps freely through social media, print media or any other means, send push notifications, and create engagement. OhoShop also provides websites on a monthly subscription model to SMEs.
Brand Capital, is the ad-for-equity investment arm of conglomerate, Bennett Coleman and Co. (BCCL). In February 2017, Flipkart reportedly raised about $38.7 Mn (INR 260 Cr) from media giant Bennett, Coleman and Co. Ltd (BCCL). Last year, BCCL also picked up a small stake in Snapdeal. In August 2016, online classified platform Quikr raised $19.4 Mn (INR 130 Cr) in a debt financing round led by Brand Capital. According to a report in August 2016, Brand Capital had about $2.5 Bn assets under management, across sectors such as retail, FMCG, durables, realty, digital, health, financial services, and more.
In September 2016, Bengaluru-based Hashtaag, a mobile consultancy, design and development firm secured $1 Mn in angel funding. Other startups in this segment include Grappetite, Starters, Quad, etc.
This development was reported by ET.
