L to R - Sai Santhosh Vaidyam Anandan CTO and Eobin Alex George CEO IsGoingOnline
  • Unicorn India Ventures and SEA Fund also participated in the round
  • Previously known as PerfectFit, the startup pivoted from 3D scanning and now enables SMEs via online listing offerings and digital cataloguing
  • The startup has been witnessing 25% MoM growth
  • Connects 400+ businesses to 120,000+ buyers across the country
  • The funds have been earmarked for international growth, with a focus on the US, Canada, and the Middle East
INDIA, Mumbai, 25th August 2021: Kochi-based IsGoingOnline (IGO), a digital catalogue and online marketplace that enables SMEs to list their offerings online, has raised ₹1.5 crores in a Pre-Series A round led by Artha Venture Fund, India's first early-stage micro-VC fund. Unicorn India Ventures, SEA Fund, and Brookfield Asset Management’s former Managing Partner, Devdatt Shah, also participated in the round.

IsGoingOnline, previously known as PerfectFit, pivoted its existing 3D scanning business to that of digital cataloguing and online listing. 

According to a CRISIL study, that covered 566 small and micro enterprises, 53% of small enterprises had pivoted to digital sales channels – up from just 29% before the pandemic. IGO caters to this market and offers products that help MSMEs and other stores, who are finding it difficult to keep the offline models afloat amidst the pandemic and changing consumption patterns. 

The startup offers a holistic services stack for setting up online operations, powered by new technologies like AI, to small and medium businesses looking to set up their own marketplace or get listed on third party websites such as Amazon and Flipkart amongst others. In an industry that is growing 16% YoY, IGO currently connects 400+ businesses to 120,000+ buyers across the country by leveraging the power of social commerce.

IGO plans to use the funds from this round to scale up internationally and enable SMEs to go online. The company is taking its operations to the US, Canada and the Middle East, in addition to the already established business in India. The investment round is also expected to enable IGO to expand its platform and add key product capabilities. The startup is looking at a market share of 18% by FY 2023-24.

Vinod Keni

Vinod Keni, Growth Partner, Artha Venture Fund, said, “The pandemic has resulted in shifting consumer demands online, having a domino effect leading to the transition of sellers to cater to these needs. We were impressed by the team at IGO and how they are leveraging new age proprietary technologies to cater to these business needs. Their successful business pivot and a strong (inbound) pipeline of SMEs was another factor that led us to invest in them. It showcased their adaptability and zeal to create real business solutions for the lesser tapped market of small enterprises in the country. We are excited to partner with them in this journey and welcome IsGoingOnline to the AVF family!”

Anil Joshi, Managing Partner, Unicorn India Ventures, said, “As a fund, we are a firm believer of enabling startups who have a disruptive model. IGO has the know how and deep understanding of the retail business and the necessary tools that can enable a massive chunk of SMEs to explore social commerce thereby directly impacting their bottomline. Unicorn India has been working closely with the founders to shape a pivot where the core skill sets of the team and pandemic induced need for digital transformation meet to birth an attractive business idea. We are already seeing healthy traction build up in the business which encouraged us to back the team in the current round."

Eobin George, CEO, IsGoingOnline commented, "Artha Venture Fund’s strategic approach, that went beyond just financial investment, was what drew us to them. We were looking for investors who would be holistically involved in our journey and help us in scaling our business. The success stories that form part of the AVF portfolio are testament to this. We are delighted to partner with AVF and hope this is the beginning of a fruitful and long journey together."

“We started as a platform that facilitated 3D scanning of products for sellers. However, while interacting with small businesses, we realised that they were finding it challenging to use traditional online listing platforms as well. While the challenges varied, the high commission seemed to be a common denominator. There was a clear gap in the market that led us to pivot our business and expand our existing platform towards the creation of IsGoingOnline. We plan to keep adding to our product capabilities to continue catering to the evolving market needs”, Eobin added.

In the few months since its launch, IGO has witnessed a 25% month-on-month growth and boasts a clientele that includes Bigbasket, Namdhari, French Terrain, and IceBasket etc. Additionally, it also offers value-added services via its studio arm Perfit Studio Network, which helps businesses generate professional-grade photos and videos of their products. 

IGO recently launched its App for sellers that helps create ultralight web stores that can be shared through Whatsapp and social media platforms. IGO prides itself in enabling businesses to create online storefronts within 60 minutes! The mobile app is currently available on Android’s Google Play. IGO currently has over 2 patents in the digitization and display technologies segment.

About IsGoingOnline

IsGoingOnline (IGO) is a digital catalogue and online marketplace that enables SMEs to list their businesses online. IGO has streamlined the digital transformation of businesses across India. Its offerings include IGO Studio solution for product creatives, IGO e-seller Solution for Web listing and an IGO App for monitoring orders. Sellers use these services to digitize products, enhance and sell them online. This enables businesses to make a seamless transition as they scale to a multi-platform store. IGO solutions are used by over 400 sellers for product onboarding and online listing. For more information, visit www.isgoing.online

About Artha Venture Fund

Artha Venture Fund (AVF) is India's first early-stage micro-VC firm with a corpus of ₹225 crores. Since its inception in late 2018, AVF has primarily funded and supported multiple startups that operate as enablers and entities focused on solving the challenges of Indian consumers and businesses. The current fund makes thematic investment allocations for B2B, B2C/D2C, and D2C enablers. Led by a second-generation investor, Anirudh A Damani, the firm has a network of limited partners, co-investors, founders, and family offices that traverse the globe. AVF's portfolio includes Agnikul, LenDenClub, HobSpace, PiggyRide, Daalchini, Kabbadi Adda, and more.

AVF is part of Artha Group with investments in 85+ startups across India, the US, and Israel like OYO Rooms, Purplle, Tala, Coutloot, Karza Technologies, Mobilewalla, Interstellar and more. For more information, please visit www.artha.vc

About Unicorn India Ventures

Unicorn India Ventures is a Mumbai-based early stage fund house started in 2015 by Anil Joshi and Bhaskar Majumdar. The Fund has also launched a UK India cross border fund for funding UK startups looking to enter India and have invested in 7 UK startups. From its first Fund, UIV has invested in 18 companies like Inc42, Sequretek, Pharmarack, Genrobotics, NeuroEquilibrium, SmartCoin, Open Bank, Open app to name a few. Unicorn India has also announced Fund II, which is a Rs 400 crore fund launched in 2019 which has invested in 7 companies so far.


Post a Comment

Previous Post Next Post
Like this content? Sign up for our daily newsletter to get latest updates.