Joybynature, an online store which sells natural and organic products, has raised $1 million in an angel funding round from Contrarian Vriddhi Fund, Mumbai Angels, Abhimanyu Munjal and Vaaman Sehgal.
With fresh capital coming in, the company is now planning to spend money for increasing brand awareness. It will also spend on technology enhancement and hire around 30 people for the company. It is soon going to introduce its private label brand.
Founded in 2013 by Shailesh Mehta and Rahul Kumar, Joybynature has an inventory of over 10,000 products from 50 brands across eight different categories including personal care, food, books, etc. There are more than 300 vendors registered on its platform. The platform is pretty much similar to Jaipur-based OrganicShop.com, which after an initial seed round, hasn’t really been in the news lately.
Having a repeat purchase rate of about 30%, the company claims to ship 300-350 order a day which amounts to about Rs. 350 on an average. For the financial year that ended in 2015, the reveunue of the company stood at 1.7 crore.
Shailesh Mehta, co-founder of the company, said,
We will use this funding to build awareness around the portal, introduce private label brands, double our team size to 30, and strengthen the technology platform.
Vaaman Sehgal, one of the investor in the company, said,
Organic and natural products has tremendous potential internationally – a market as big as $250 billion and advantEdge fund will work closely with Joybynature’s strong team to make it a global player.
He has been a technology writer since more than five years. At The Tech Portal, he covers gadgets, startups and the good and bad of tech.