Mumbai-based gadgets and accessories etailer start-up Gizmobaba.com has been successful in raising $250,000 in a pre-Series A round funding. The investment, which was Gizmobaba’s first round of funding was led by LetsVentur which empowers start-ups looking to generate seed/angel money to produce investment ready profiles online and join to accredited Investors in the competitive market. They help the start-ups to get their business plans revised by their specialists as well as connect to guides.
Gizmobaba.in is India’s leading destination for the world’s modern Gadgets. At Gizmobaba, they trace and curate the most astonishing Gadgets from all over the world, and make it accessible to Gadget Lovers in India. All Gizmobaba Gadgets are top notch quality and supported with an unconditional 3 months replacement warranty so that the users can buy with a PEACE OF MIND.
This capital came in after Amit Kumar amalgamated hands with Gizmobaba as the Chief Financial Officer. He was formerly the CFO at Just Buy Live, an e-distributor that linked shopkeepers with consumer brands.
Gizmobaba initiated by Alok Chawla and Neeta Rijwani Chawla in 2013 is an online market for curated gadgets, accessories, electronics, and small appliances. It provides products that one is dubious to find at electronic stores, such as head massagers, teeth whiteners, caps with solar-powered fans and many more. The audience can select from among the classes of home, kitchen, car, mobile and laptop, personal care, and many more. The plan was to grow in volume with partial offerings and then use the sales numbers as an influence to negotiate with other manufacturers. Chawla confirms that the company is now clocking a sale of Rs 25 lakh a month.
Gizmobaba is successfully able to achieve site traffic of between 10,000 and 12,000 unique guests per day. Its major differentiator is that all their goods are top grade high quality due their good finding partnerships in China, and all Gizmobaba goods come with a three-month replacement warranty, said a press report from the start-up.
Gizmobaba’s existing investors include big company partners like Mazhar Faruqi, Jayesh Kamat and Sandeep Padoshi (co- founders of ecommerce logistics company WOW Express, Sunit Mehra (Managing Partner, Hunt Partners India), Faisal Khan (CEO, Bahrain Operations), Jaideep Nandi (CEO, Asian Paints PPG India), Al Sharaf DG, and Ajay Prabhu (Co-founder, Quest Global).
Alok Chawla, Co-founder, Gizmobaba.com in a press statement mentioned that “The company has been growing at 23 percent annually for the last four years. With the newest funding, we intend to scale up our online business further and also plan to start various functional franchisee stores in Tier II and III towns,”
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