Gizmobaba plans to raise $5m Series A funding
MUMBAI, Nov. 13, 2019 /PRNewswire/ — Mumbai-based, Gizmobaba, a niche homegrown curated products crossborder social eCommerce platform has been shortlisted by Venture Gurukool for the 3rd Startup Investment roadshow to be held in China at Shenzhen, Shanghai, and Beijing. Venture Gurukool, an early-stage investor and incubator has shortlisted 12 Indian startups to represent India at the 6-day Summit that is being organized in partnership with The Indian Embassy, Beijing and The Consulate General of India in Shanghai and the Consulate General of India in Shenzhen
Alok Chawla, CEO & Co-founder, Gizmobaba.com said, “We are proud to be one of the 12 startups shortlisted this year. The Summit will help Chinese investors to engage with promising Indian startups for investment and strategic partnerships. Gizmobaba, recently closed a Pre-Series A round with LetsVenture, and are looking to raise a $5m Series A round to help further grow our crossborder social eCommerce business and invest aggressively in marketing, the right team and technology.”
Recently Gizmobaba established its presence internationally by launching Gizmobaba.CLUB to cater to customers in the US, UK and UAE. Gizmobaba’s high gross margin business model ensures a fast path to profitability and sharing a larger revenue percentage to their selling partners and are already profitable on a unit economics basis.
Mr. Mahendra Swarup, Founder, Venture Gurukool, says, “After an enthralling success from our past Investment Shows in China. Venture Gurukool is hosting ‘The 3rd Startup India Investment Summit’ November 2019 in 3 cities- Beijing, Shanghai & Shenzhen. This year the Investment Summit has received several hundred Startup applications, whereby 12 promising startups have been shortlisted to participate and showcase their ventures at the 3rd India Investment Summit in China.”
Gizmobaba is a Crossborder Social eCommerce venture. Gizmobaba’s unique selling proposition (USP) is that products are curated and with top quality, providing a warranty upto 6 months on long tail products which are generally perceived to be low quality with high failure rates and low life. Unlike other platforms that operate on wafer thin margins, resulting in burning several dollars for each dollar of revenue, Gizmobaba has achieved a Rs.1 crore monthly GMV with positive unit economics. With bigger margins to share with partners, Gizmobaba now plans to grow exponentially by penetrating in Tier 3 and Tier 4 markets.
Gizmobaba counts among its investors, senior industry leaders including CEO of Asian Paints PPG India, Founding Partner of Hunt Partners India, Co-Founder of Quest Global, Founders of Wow Express and the LetsVenture Angel Fund.
Incorporated in 2012 the platform is headed by husband-wife duo Alok and Neeta Chawla. Alok previously co-founded ZipCash, which was acquired by Ola and now operates as Ola Money.
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