Ping mops up USD 3.5 mn in seed round led by Elevation Capital
Ping, a conversational community commerce app, on Wednesday said it has raised USD 3.5 million (about Rs 26 crore) in seed funding from Elevation Capital. The funds will be used for platform innovation and development, strategic hiring, and for expansion across all metropolitan cities in India, according to a statement.
Founded in July 2020 by Vartika Bansal, Ping enables commerce and communication for agricultural producers, local manufacturers, and home-based business owners among the various residential communities. Ping’s conversational app was inspired by the many WhatsApp groups used by farmers, makers and other sellers to sell directly to residents of housing societies. “The maker economy in India is booming and with the rising e-commerce penetration, a strong movement to provide, preserve and celebrate makers and their identities is emerging.
Also read: Indian students see record entries to UK universities as travel rules ease up
“At Ping, our vision is to augment this movement through an effective, conversational community platform that directly connects farmers, makers and producers with local residential communities,” Ping founder Vartika Bansal said. She added that Ping wants to be at the forefront in catalysing the growth of local entrepreneurship by empowering these business owners to reach a larger pool of new and repeat customers.
“On the other hand for consumers, our goal is to provide a verified selection of authentic local businesses to purchase from whilst allowing greater transparency in transactions,” she said. Ping aggregates local commerce message groups on the app and powers discovery of trustworthy and verified makers in the residential communities. Residents can check for and exchange recommendations, and buy together from the makers of their choice.
Ping is currently operational in Bengaluru, Mumbai, Gurugram and Hyderabad. It has over 400 active residential communities on its platform and plans to add over 3,000 more, the statement said. The makers include more than 500 businesses and individuals across segments, including baked goods, agricultural produce, pet supplies and home decor among other items.
Pingback: Agriculture sector records new business registration growth at 103% in FY21