flash funding: Former Flipkart executive Ranjith Boyanapalli’s Flash raises $6.7 million in funding led by Blume Ventures, PeerCapital
Other existing investors, including White Venture Capital and Emphasis Ventures, also participated in the round. The startup aims to use the capital for strategic hires and infrastructure enhancements, and is also eyeing an international expansion by 2024.
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The fundraise comes within five months of the launch of the app in April. Last November, the startup had raised $5.8 million from Global Founders Capital (GFC), White Venture Capital, Zinal Growth, Soma Capital, Emphasis Ventures and Peer Capital.
The company seeks to make order processing, communication with sellers and the use of rewards programmes easier for frequent shoppers. Users can thus track and manage their past and current orders with various services in one location.
“The idea of simplifying an individual’s digital commerce lifecycle by unifying it into a single comprehensive mailbox, thereby deriving substantial benefits for the customer, is a compelling value proposition whose time has come. We partnered with Ranjith, inspired by his bold ambition to develop a world-class product in India that will resonate globally,” said Karthik Reddy, co-founder and managing partner of Blume Ventures.
Flash aims to cater to the top 25 million ‘power shoppers’ who account for nearly 70% of the country’s online shopping revenue, and are estimated to grow to 65 million by 2030.
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“From processing our very first email to crossing the 8 million mark in five months is a testament to the trust and support of our users,” said Boyanapalli, who serves as chief executive.The startup claims to have processed over 8 million emails, with users placing over 1 million orders spanning 1,000+ brands using their Flash email IDs.
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