KartRocket, the online eCommerce enabling platform which lets you design your own ecomemrce store in minutes, has today announced closure of its previous Series B round with an additional $2 million from unnamed investor.
The exact terms of the investment were not disclosed, but it is believed that the new investor in the company is of Japanese origin.
The amount of money raised will mainly be used by the company to grow its mobile marketplace named Kraftly – an offline to online business which was launched last year.
Recently, about a couple of months ago, the company had raised around $6 million in the same funding round. The round was led by Bertelsmann India Investments, the strategic investment arm of German media conglomerate Bertelsmann SE & Co.
The existing investors of the company, which includes Nirvana Digital India Fund, Nirvana Digital Investment Holding Co, 500 Startups and Singapore-based Beenext, also participated in this round.
The company was founded in 2012 by Saahil Goel, Gautam Kapoor and Vishesh Khurana. KartRocket enables small and medium businesses go online under their own brand.
Apart from this Series B round, it had earlier raised $2 million in Series A funding from Nirvana Venture Advisors, 500 Startups and Beenos in October 2014 and seed funding from 5Ideas Startup Superfuel and 500 Startups in July 2013.
Its platform provides a web and mobile site, payments and logistics capabilities, in-built marketing and promotion tools as well as integrations with leading B2C marketplaces.
Last year, it launched Kraftly, a mobile-first marketplace that lets users buy and sell products from anywhere from their smartphones. It targets small sellers, individuals, and homepreneurs in India in categories such as apparel and accessories, amongst other products. As per the company, Kraftly boasts about 15,000 shops on its platform, and claims to add over 17,000 listing on a daily basis.
Commenting about this, Saahil Goel, CEO, KartRocket, said,
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 eco-system development and performance marketing.
Working with a vision to simplify e-tailing for Indian merchants by offering the complete ecommerce solution, he company is competing against the likes of Zepo, Infibeam’s Buildabazaar among others.
According to a report, the Indian e-commerce industry is projected to grow by 15 times in the next five years and is expected to become $75 billion industry by 2020.