Former Flipkart senior vice president Ranjith Boyanapalli’s startup, Flash, has secured $6.7 Mn funding in Pre-Series A funding round led by Blume Ventures and existing investor PeerCapital.
Other existing investors such as White Venture Capital and Emphasis Ventures, also participated in this round of funding.
Founded in 2022 by Flipkart’s former senior vice president Ranjith Boyanapalli, Flash wants to enhance the post-shopping experience of frequent shoppers.
Meant for power shoppers, Flash launched its app in April 2023, and it claims to have processed over 8 Mn emails, with users having already placed over 1 Mn orders spanning 1,000+ brands using their Flash.co email IDs.
Through Flash, users can import orders from multiple Gmail accounts directly into the Flash.co app. With an @flash.co email address, a user can continue ordering online without having to sift through hundreds of promotional emails in their inbox.
Besides, Flash rewards users for ordering more, with segment-specific and brand-specific ‘streaks’ that a user can complete to earn cashback.
“From processing our very first email to crossing the 8 Mn mark in five months is a testament to the trust and support of our users,” Ranjith Boyanapalli, CEO and founder of Flash said.
In India, there are currently 25 Mn power shoppers, who generate a significant 70% of online shopping revenue, the startup said. This number is expected to grow to 65 Mn by 2030.
Power shoppers mean, people who are high-frequency, high-diversity users already shopping 100-150 times a year across 20+ platforms. While they encounter issues such as spam, order tracking difficulties, and a lack of rewards, Flash aims to provide solutions by offering seamless order tracking, a spam-free inbox, spending insights, and personalised rewards that align with each shopper’s unique preferences.
The Bengaluru-based startup wants to utilise fresh funds for strategic hires and infrastructure enhancements. The company will utilise the fresh funds to accelerate its presence in India and expand its presence Internationally by early 2024.
Last year, the Bengaluru-based startup Flash raised $5.8 Mn in a seed funding round led by Global Founders Capital (GFC). Including the current round, the startup has raised $12.5 Mn funding so far. Flash counts Venture Capital, PeerCapital, Emphasis Ventures, Soma Capital, Zinal Growth, as well as Binny Bansal, Kunal Shah, and Sujeet Kumar as its investors.
According to a report by WPP’s GroupM and Wunderman Thompson, India is poised to have a whopping 350 Mn ecommerce users by the year 2025. This represents a 2.5X increase from the 150 Mn digital consumers recorded in India in 2020.
Furthermore, the report projects that India’s ecommerce user base will continue to surge, with a compound annual growth rate (CAGR) of 23%, ultimately reaching a staggering 500 Mn users by the year 2030.
The post Flipkart Ex-SVP’s Startup Raises $6.7 Mn For Building Platform For Power Shoppers appeared first on Inc42 Media.
