Ahmedabad-based etailer for regional goods Salebhai has raised $1.5 Mn (INR 10 Cr) from Times Group’s Brand Capital, for a minority stake. The investment is in line with previous rounds where funding was received from promoters and customers.
The raised funds will be used to promote and advertise the brand. It is targetting to reach one lakh users in next one year from the current user base of 10K. Also, there are plans to achieve $149K (INR 1 Cr) GMV and attain breakeven by October this year.
Salebhai was launched in September 2015 by Vishwa Vijay Singh, Purba Kalita and Pramod Rao. With a team size of 28, it aims to be a discovery platform for diaspora (migrant) communities to source authentic products from their native place.
It is currently serving requirements of regional goods for 17 such communities. The list of products includes sweets, chocolates, bakery items, spices, dry fruits, beverages, pickles, handicrafts, paintings, among others. These products are supplied globally from a vendor base of 260 from over 100 Indian cities.
As Vishwa Vijay shared with Inc42, the portal operates solely on the marketplace model, and has low operational costs. Also, he claims to have 22% repeat customers on the platform.
Earlier in February, it also raised an undisclosed amount of funding from twelve high net-worth customers. It is also planning to bring on-board its second batch of customers-turned-investors.