Kunal Shah, CEO of FreeCharge, and Sandeep Tandon of the Tandon Group, also participated in the round, Sumit.
With the latest funding, Sasha Mirchandani, Founder, of Kae Capital and Mumbai Angels will be joining the board of the company, Sumit Gupta, Co founder and CEO of ListUp told DEALSTREETASIA.
Launched in January this year, ListUp plans to use this round of funding to build technology for connecting relevant buyers and sellers with personalised feed using data, product enhancements, and creating network density in the target markets.
ListUp is focused on P2P exchange of secondhand goods, which aims to bridge buyers and sellers using technology.
Gupta claims that the location-based discovery of products and social approach to classifieds is what differentiates it from the other classifieds platforms.
ListUp users are socially verified that leverages social connections to solve the problem of trust in the transaction.
“It’s is a huge opportunity in India and there’s lot more innovation that can be done in the used goods space using technology. With the increasing smartphone adoption and our unique approach to age-old classifieds, we’re making buying & selling of used goods easier, safer and much faster”, said Gupta.
ListUp allows users to instantly reach out to all prospective buyers in their vicinity thereby enabling quicker transactions.
“Sumit, Pulkit & Saurabh represent an exceptional trio of scrappy entrepreneurs. What they have created at ListUp is an easy-to-use and fun way to buy and sell used-goods. In many ways, they are redefining the shopping experience for the large and rapidly growing market for used products, and we are happy to partner with them on this exciting journey,” said Shubhankar, Vice President at Kae Capital.
Kae Capital recently raised $30 million from existing and new investors for its second fund. It already has around 30 startups in its portfolio.