Curated products marketplace Qtrove raises $52m from Springboard Ventures

Visual from Qtrove website

Bangalore-based Qtrove.com, a marketplace for curated and handmade products, has raised $51.57 million (Rs 350 crore) in funding from Springboard Ventures – Brand Capital, an investment arm of Bennett, Coleman & Co Ltd, per a Times of India report.

Qtrove will use the funds to further intensify their marketing, customer acquisition efforts and vendor network through BCCL’s stable of print, television, radio and digital media.

Founded in 2015 by Vinamra Pandiya, Qtrove procures and sells natural and non-mass-produced products from small entrepreneurs across the country. The startup claims to have over 600 sellers with over 6,000 products in more than 40 categories and over a lakh customers across India.

Commenting on the fundraise, Vinamra Pandiya, Co-founder, QTrove said, “We are confident that our partnership with Springboard will redefine and transform the way natural, handmade, non-mass made products are consumed in India.”

The startup raised an initial amount of angel funding from GrowthStory’s platform in 2015. It competes with the likes of Jaypore (IndianMe), LoveThisStuff, among others, and also e-commerce biggies including Amazon, Flipkart, Shopclues, and Big Basket.

In September last year, Jaypore, a curated marketplace for crafts and artisan-based products, said it is planning to raise a Series B round of funding to raise $15 million. It raised $5 million in its first round of institutional funding led by Aavishkaar in February 2016.

Another player in the space LoveThisStuff, too, counts GrowthStory as its backer.

Since its inception in 2005, Brand Capital has invested in more than 850 companies to date across sectors such as retail, FMCG, consumer durables, realty, digital and mobile, e-retail, health & wellness, financial services and consumer services among others.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.