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.