With an objective to help entrepreneurs with know-how and expertise in ecommerce, online marketplace ShopClues has announced an investment of Rs 1 Crore collectively across four startups.
Ganesh Balakrishnan, assistant vice-president, Merchant Services, ShopClues, said, “We are not sure yet if we will have a stake in the company or disburse the amount based on milestone. We will also offer any operational help.”
The four startups that would be receiving funds are Bangalore-based Pepper Agro, Noida-based Glam Studios, Ornitva and Scrapify.
It was in the first edition of ‘Next Big E-preneur Challenge’ organized by ShopClues, where it shortlisted these startups.
Sandeep Aggarwal, Founder of ShopClues and Droom, said, “The next clutch of entrepreneurs in India is really pushing the envelope of innovation and also carefully looking at execution and profitability.”
“I believe that challenges such as these are an ideal way to encourage fresh approach and help bolster the enthusiasm that is already present in India’s startup world,” Aggarwal added.
Ornativa is a jewellery startup, which is already a merchant on ShopClues. It wants to use the fund in scaling-up and build their brand. They use 3-D printing technology to build their products, which according to Balakrishnan, made it a unique proposition.
Founded in California’s Silicon Valley in 2011, ShopClues.com is an online marketplace, headquartered in Gurgaon, India. The company has over 12,000 registered merchants retail 2,00,000+ products on the platform to over 42 million visitors every year across 9500 locations in the country. The e-commerce company is incorporated in Delaware.