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Noida-based on-demand talent marketplace, Zolo, has raised an undisclosed amount of seed funding from Switzerland-based Software company Hitouch AG.
The startup will use the funding to expand to other cities after establishing its base in Delhi-NCR. Also, Zolo intends to add more categories and services to its portfolio. Apart from the funding, Zolo is a continuous cash flow model currently making 7-10% on every transaction.
Talking about the products, Satayu Basu, co-founder and CEO, Zolo said, “We like to think of ourselves as a platform for solo entrepreneurs helping them build an income and a growing personal brand for long lasting success. We’re also launching dedicated platforms like Zolo Homes, Zolo Skills, Zolo Rentals, Zolo Academy, Zolo Lounges & Zolo Eat to build a holistic environment with space, technology and marketing for solo entrepreneurs to build a business on their core competencies and leave the rest to us.”
Zolo was founded in September 2015 by Manish Tahilliani and Satayu Basu. It is a marketplace for on-demand talent where users can discover, buy and sell talents and services like consultation, digital, business, etc. It acts as a middleman and connects the service & goods providers to the users that need these service and merchandise.
Zolo’s advisory board consists of industry veterans such as angel investor Vikas Banga (Vice President at Snapdeal); Prabhakar Tiwari ( Chief Marketing Officer, PayU); and Manish Kapoor (CEO Fin Advisors).
Hitouch AG is an engineering company that offers project and programme management services and develops and maintains innovative software products. Talking about the investment, Oliver Westphal, CEO, Hitouch AG, said “We see Zolo as eBay of services with a huge potential & touch millions of lives once it goes global.”
Zolo is a commission-based model making around 10-20% from vendors on each sale they make through the platform. By March 2017, Zolo is expecting a revenue of $12-15 Mn GMV.
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