The Indian gifting space is still drawing interest from the VC community. Recently Relevant e-solutions Pvt. Ltd. the startup behind Giveter, an interest based social gifting over Facebook, had raised its first round of funding from a group of investors. Though the exact amount remains undisclosed, Avinash Saxena, Co Founder, Giveter, shared that it is just under $500,000 (or less than Rs 3.1 crore).
The Gurgaon based company launched last year in August was earlier reviewed by us. The platform allows you to shop smartly over the web and suggests you with gifts for your friends on Facebook depending upon your interests and activities. During the same time, it announced the launch of its second venture - Roposo, a similar recommendation engine focused on fashion, recently reviewed here.
I had the chance to interact with the CoFounders – Mayank Bhangadia and Avinash Saxena for a new episode in Conversations. The interaction focused on three distinct areas:
1. Giveter and Roposo: Post the introduction Avinash shared that both the products have been based on the core idea of finding what people like and providing them with the relevant item. Mayank highlighted that with Roposo they are doing the same thing within the domain of Fashion.
2. Social Gifting: The space is exciting and as a company they have seen good traction; one of the reasons why the present investors have found confidence in the team. However while social gives a lot of behavioral data, at the same time it needs to be filtered from junk, Avinash shared.
3. The road ahead: Right now for the team the priority is to make the product much more intelligent, user friendly and at the same time market at different platforms. Building up a strong team subsequently has been the ongoing activity for the startup along with the work on mobile apps which will be out soon.