KartRocket raises $2m from Ja­panese in­vestor

The Pak Banker - - COMPANIES/BOSS -

NEW DELHI: Big­Foot Retail So­lu­tions Pvt. Ltd, which owns and op­er­ates e-com­merce-en­abling so­lu­tions provider KartRocket, on Tues­day said it has raised $2 mil­lion from an undis­closed Ja­panese in­vestor, in ad­di­tion to $6 mil­lion it raised in Jan­uary to close the round.

The $6 mil­lion round was led by Ber­tels­mann In­dia In­vest­ments, the strate­gic in­vest­ment arm of Ger­man me­dia con­glom­er­ate Ber­tels­mann SE and Co. Ex­ist­ing in­vestors Nir­vana Dig­i­tal In­dia Fund, Nir­vana Dig­i­tal In­vest­ment Hold­ing Co. Ltd, US-based 500 Star­tups and Sin­ga­pore­based Beenext also par­tic­i­pated in the round.

New Delhi-based KartRocket caters to the small and medium en­ter­prises mar­ket in In­dia by en­abling mer­chants to go on­line. It pro­vides com­pa­nies web and mo­bile phone sites, pay­ments and lo­gis­tics ca­pa­bil­i­ties and mar­ket­ing and pro­mo­tion tools.

To strengthen its of­fer­ing, in Septem­ber KartRocket also launched a mo­bile-first on­line-to-off­line mar­ket­place, Kraftly, which tar­gets small sellers, in­di­vid­u­als and home­based en­trepreneurs in In­dia in prod­uct cat­e­gories such as ap­parel and ac­ces­sories.

A ma­jor part of the cur­rent fund­ing will be used to­wards en­hanc­ing Kraftly. "Keep­ing in mind Kraftly's sin­gle vi­sion of al­low­ing ev­ery seller to par­tic­i­pate in e-com­merce, the in­vest­ment will help us with cut­ting-edge prod­uct de­vel­op­ment, tal­ent ac­qui­si­tion, seller ecosys­tem de­vel­op­ment and per­for­mance mar­ket­ing," said Saahil Goel, chief ex­ec­u­tive of­fi­cer and co-founder, KartRocket. Kraftly has over 15,000 shops and claims to be adding over 17,000 list­ings per day.

Ac­cord­ing to Goel, the cur­rent ecosys­tem is not sup­port­ive of in­te­grat­ing smaller sellers into e-com­merce.

There are over 50 mil­lion home­preneurs (en­trepreneurs work­ing out of home) and small sellers in In­dia who cur­rently do not have suf­fi­cient medi­ums of launch­ing their sales on­line.

Re­cently, the com­pany hired Ankit Sood, a for­mer Aven­dus Cap­i­tal banker, as its chief fi­nan­cial of­fi­cer and Ak­shay Ghu­lati as chief busi­ness of­fi­cer for Kraftly. Ghu­lati was ear­lier work­ing with Ama­zon as a se­nior man­ager. Big Foot Retail raised $2 mil­lion in its first round of fund­ing led by Nir­vana Ven­ture with par­tic­i­pa­tion by 500 Star­tups and Ja­pan-based Beenos Inc. in Oc­to­ber 2015.

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