In its second round of funding, India-based social e-commerce discovery platform, Klip.in has received an undisclosed amount of additional investment from investors at Calcutta Angels and its existing Angel investor group at Venture Nursery Angels and Mumbai Angels, along with a few individual investors.
Though the amount of the investment is still wrapped under the sheets, it is estimated that the discovery platform has groped in around Rs 3 crore.
Klip, which is a Season 2 graduate from VentureNursery’s acceleration program that concluded in April 2013, raised funds from the accelerator in July 2013. The company says that the raised amount will be specifically used to scale up technology and its marketing teams.
Klip, in simple words, could be called a fashion-specific social network. You sign with an existing social network account, and you create your own ‘klips’. Your
clips klips contain your preferred products, to represent your current fashion statement. You can follow a friend, see his/her klips and purchase a product found in there. It saves you the hassle of browsing through (as klip’s founders put it) “ten blue links at a time and then going through 5 different tabs”.
The platform also has pages for each of those online fashion retail stores, for example Myntra, Jabong, Flipkart etc. Its users can follow their preferred stores, and browse through that store’s catalogue based upon a recommendation engine.
Raghav Kanoria, Co-Founder & Director, Calcutta Angels Network led the investment along with Harsh Modi, Management Committee Member, Calcutta Angels Network. Klip.in joined VentureNursery’s acceleration program in January, 2013.
Ravi Kiran, Co-founder, VentureNursery said –
This validates the faith we placed in the ability of Klip’s founding team and their vision. Klip shows that the best approach to social commerce is to build a strong community of users and we are excited to see this next phase of their evolution.
Klip.in was founded by Harsh Gadia and Maneesh Madambath in 201. It basically lets users discover and shop for fashion and lifestyle products from popular and new e-commerce stores at one place. These products are aggregated by Klip’s users who create curated collections on the website called Klipboards.
Commenting on the round of funding, Harsh Gadia, co-founder at Klip said-
As more vendors and more consumers come into the eco system, product discovery will become a pertinent problem, and as home to one of the most engaged shopping communities online Klip is in the best position to solve it. With our new investment partners we are now in a position to add scale to the validation Klip saw over the last year.
Social e-commerce, a term probably devised in India itself, has been garnering huge investments in recent past. There has been a surge in start-ups, looking to exploit India’s obsession with fashion and apparels, and have been pretty successful in doing so. Couple of days back, a similar fashion discovery platform Wooplr scooped up a $5 Million Series A round from Nexus Ventures and Matrix Partners.