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Social commerce startup Klip.in raises second round of investment

Tags: Klip.in, social curation tool, e-commerce, Venture Nursery Angels, Mumbai Angels, Calcutta Angels Network,

February 20, 2015 | COMMENTS ( 0 )

Social commerce startup Klip.in raises second round of investment

Klip.in, a product discovery and social curation tool, based in Mumbai, has announced a fresh round of funding from Calcutta Angels and its existing Angel investor group at Venture Nursery Angels and Mumbai Angels, along with a few individual investors.

Klip.in lets users discover and shop for fashion and lifestyle products from popular and new ecommerce stores at one place. These products are aggregated by Klip's users who create curated collections on the website called Klipboards. Klip's users aggregate products from over 1000 ecommerce stores to the platform. Klip currently has over 1.2 million products added to over 40,000 Klipboards.

Klip.in was founded by Harsh Gadia and Maneesh Madambath. They joined VentureNursery’s acceleration program in January, 2013. They have raised an undisclosed amount from Angels at Calcutta Angels and their existing investors.

The investment will be used to scale up their technology and marketing teams with an emphasis on their mobile play.
Raghav Kanoria, Co-Founder & Director, Calcutta Angels Network led the Investment along with Harsh Modi, Management Committee Member, Calcutta Angels Network.

Raghav said, "We were impressed with the output and momentum Klip's team built with their resources in a short span of time, and their roadmap ahead is incredibly exciting. Importantly, we see tremendous scope in social commerce and believe Klip's focus on its community is the key to a successful business in this space."

A study by ASSOCHAM expects the Indian e-commerce industry to clock $100 Billion in the next 5 years, over 5 times its current estimated value of $17 Billion. The same study showed that apparels form the biggest share of purchases in online retail. This is driven not just by growth in Indian shoppers online, which is expected to grow at nearly 60 per cent this year alone, but also because of increase in vendors focussing on the fashion and lifestyle segment for women, according to another analysis by Accel India.

Klip currently has nearly 1100 e-commerce stores in its platform, up from a little over 100 at the start of 2014. Nearly 80 per cent of its users are women and fall in the age group of 18-28 years.

According to Harsh, “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. The fact that we have the backing of our existing investors as well, shows their confidence in our team's ability to execute efficiently."

Ravi Kiran, Co-founder, Venture Nursery, 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.”

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