Omnichannel book renting platform, JustBooks has raised an undisclosed amount of funding from investment firm CoCreate Ventures that has set up a Rs 15 crore ($2.2 million) fund to help startups pivot or turn around.

JustBooks plans to deploy the raised funds towards revamping its digital presence, developing its technology for better customer management and loyalty programmes, and bringing more human resources to manage the brand and introduce new categories in books. Previously, JustBooks was part of Bengaluru-based services firm Strata Retail & Technology Services Pvt Ltd.

As per the terms of the deal, the newly-formed company, JustBooks Solutions Pvt Ltd has acquired the business and brand JustBooks from Strata Technology Services through an asset sale. Strata was running the omnichannel book renting service with over 1 million books and with a presence across 13 cities. CoCreate Ventures assisted JustBooks Solutions in the acquisition.

“With over a million books in our omni channel network and immense consumer loyalty, we are now looking to scale in terms of new channels and products to enhance this experience,” said Sridhar Rajaram, chief executive of JustBooks.

Co-founded by TeliBrahma founder Suresh Narasimha and former partner at Ojas Ventures Pavan Krishnamurthy, CoCreate Ventures typically invests Rs 1 crore and focuses on companies that are undergoing or need transitions such as a pivot to capture the market. It is looking for opportunities around health, education, fintech, and retail.

Other online portals for used books in the market include  Pen and Parchment (P&P), Bibliofreaks, Noida-based Second Hand Books India and SellBuyBook. In August this year, Amazon India also launched a ‘Used Books’ store category.

Image Source: ShutterStock

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