Flash, a former SVP of Flipkart, raises $5.8 million in a seed round
- ByStartupStory | December 1, 2022
In a seed round led by Global Founders Capital (GFC), White Venture Capital, Soma Capital, Emphasis Ventures, Zinal Growth, and Peer Capital, e-commerce firm Flash said on Wednesday that it had raised $5.8 million. Angel investors including Binny Bansal, a former co-founder of Flipkart, Kunal Shah, Arpan Sheth, a senior partner at Bain & Company, Sujeet Kumar, a co-founder of Udaan, Nikhil Srivastava, a partner at PAG Venture, Lalit Keshre, the CEO of Groww, and Rishi Vasudev, a co-founder of GOAT Brand Labs, among others, participated in the
Flash is an online shopping platform that was established by Ranjith Boyanapalli, a former senior vice president of Flipkart, with the goal of improving the customer’s purchasing experience, particularly for “power shoppers.” According to a news release, Flash wants to serve the top 25 million “power consumers,” who account for close to 70% of online retail sales and are expected to reach 65 million by 2030.
“Power shoppers are an important consumer segment, and their challenges are bound to magnify with increasing e-commerce penetration in India and globally,” shared Roel Janssen, partner, of Global Founders Capital. According to the business, Flash would enable an end-to-end ecosystem that will give customers control over their communications and purchases, unlock personalized experiences, and address the problems with cluttered promotional email content.
“Our AI and ML-led platform will be backed by best-in-class encryption to protect privacy and give control back to the consumer. We are aiming to onboard two million users in our first year,” said Boyanapalli, who is also the CEO of Flash.
According to the business, the money will be used for recruiting, product development, and international growth. Online retail sales have risen steadily since the outbreak. According to Redseer’s E-commerce Festive Season ’22 study, the Indian e-commerce business generated $5.7 billion in online retail sales during the first week of the festive season in 2022, or September 22–30. This is a 27% increase year over year (for the first week of sales). Additionally, according to industry estimates, 78% of consumers chose to shop online using electronic commerce platforms after the epidemic.
Follow Startup Story
Related Posts
