Social gifting space in India finds support from investors. According to Techcircle, Relevant e-solutions Pvt. Ltd. the startup behind Giveter, an interest based social gifting over Facebook, has 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 first round of investment has been led by Binny Bansal, Co Founder, Flipkart, Anand Lunia-led seed fund India Quotient and 5ideas Startup Superfuel, an early stage venture capital initiative launched by Pearl Uppal and Gaurav Kachru.
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 It has also announced the launch of its second venture-Roposo, a similar recommendation engine focused on fashion category.
The couple of weeks old Roposo will work on the same algorithm as Giveter and help users find fashion products based on their liking. Talking to TC, Avinash informed that the idea to introduce a second platform in the same niche gives the ability to provide both platforms justified presence. The company does not want to compromise on both categories.
The funds raised will be used to build the technology and enhance awareness of the brand among users. It will also be used to build a team that would help build algorithms, improve user interface and UX and marketing.
The year old company is already getting close to 300,000 people on Giveter every month. Going further the startup wants to focus on user acquisition for both the platforms.
It is good to see the investment fraternity backing the social gifting space in India, especially after Delhi based social gifting startup, Giftology owned and operated by Sama Web Innovations Pvt Ltd., had to shut shop due to differences in the relationship of Founder and Investor over returns the space could generate.