Unique: School items marketplace Schoolkart raises $300K in angel funding
Schoolkart.com, an online market in the school and education items domain, has actually raised $300,000 (around Rs2 crore) in funding from 12 angel financiers.The online school items space is slowly getting with already a couple of companies setting up shop. EschoolBuddy and Fastudent.com, both Noida-based start-ups, operate similar market models. In November in 2014, Fastudent, from EduVision Retail Technologies Pvt Ltd, had raised seed investment from a group of angel investors led by Evalueserve COO Ashish Gupta.
The school products category, which includes school uniforms, shoes, stationery, sporting goods, curriculum books along with reference books among other things, is approximated at $8-10 billion.Nikhil Sareen, creator and CEO, Schoolkart Technologies Pvt Ltd, which runs Schoolkart, told TechCircle.in that the start-up had in 2014 raised $200,000 from three investors.
Schoolkart will be using the latest financing to step up marketing, expand its seller base, enhance processes and work with more skill, he said. The startup, which currently utilizes 15 people, said it will employ in the areas of customer service, sales and marketing.While the names of the financiers could not be determined, most of them are well-known angel financiers with a few of them high net worth people (HNIs).
Founded in January 2015, Schoolkart works straight with vendors of school supplies and stocks around 25,000 items on its platform. Schoolkart likewise has an inventory-led design for some items. For school uniforms, the firm currently deals with the Delhi NCR region, while for remainder of the product classifications; it serves consumers across the country.
Before beginning Schoolkart, Sareen was with Amazon India where he was responsible for setting up the e-commerce major sports and outdoors category. Prior to that, he established a not-for-profit, Ehsaas Welfare Foundation, which works towards offering education and employment opportunities to the underprivileged areas of society. Sareen is an MBA from Indian School of Business (ISB).
Schoolkart likewise runs a CSR effort called Schoolkart Cares. Consumers who check out the platform are provided the option to contribute their old uniforms, shoes, etc. These items are picked up from the consumer location by Schoolkart`s logistics partners, and are then sanitized, refurbished (if needed) and then donated to partner NGOs. It charges Rs50 as convenience fee for getting those products picked up from the doorsteps of consumers.