Pune-based ecommerce portal that sells customised merchandise, icustommadeit.com, has raised $4 Mn in its Pre-Series A funding round from Times Group’s Brand Capital, Siddhivinayak Skyscrapers, an undisclosed corporate giant and Dinesh R. Challa, IIT Roorkee alumnus.
For this round, the startup was advised by Key Legal Investors, Pune.
The startup has plans to advertise its brand and offerings through various media publications of Bennett, Coleman & Co Ltd, which operates as Times Group. Also, it seeks to expand presence in 18 target cities and start its global operations.
Related Article: Funding Galore: Startup Fundings Of The Week [1June – 6June]
Raj Iyer, Director and CMD of icustommadeit.com said, “We are very confident and looking forward to creating a high impact in the market by utilizing Times Group’s expansive outreach and matchless media mix. We are also in progressive talks with a few Venture Capitalists for initiating the next round of funding within the next few months.”
Started in May 2013, icustommadeit, is an online platform that personalises merchandise for the customers. It works as a twin marketplace that connects bespoke artists, creators and sellers with an avid customer base, looking for something that is a reflection of their unique individuality.
It claims to offer custom-made solutions for things ranging from jewellery, clothing and home decor to accessories, shoes and confectionary. Currently, the company offers an array of over 25000 products spread across 33 categories from 900 creators around the world.
Prior to this, the company had raised $250K each in its second and third round of angel funding in June and August 2015, respectively. So far, the venture has raised $900K. The brand recently launched a bespoke tea collection ‘Garnet Glow’. Further, it plans to launch an exclusive brand of handcrafted watches under the name ‘Aion’. Icustommadeit also entered licensed agreements with top merchandise brands recently.
The startup competes with Rocket Internet-backed PrintVenue, an online portal for personalised printing that raised $4.5 Mn funding from Asia Pacific Internet Group, in January last year. According to recent reports, Rocket Internet is not able to lift its business in India and plans to sell its portfolio companies, which even include Printvenue.
Welcome to Flash Feed, your essential source for breaking news and innovation from around the web – bite-sized and updated all day.