Relevant e-solutions Pvt. Ltd, the company which operates social gifting start-up Giveter has raised funding from Binny Bansal (Flipkart), India Quotient and 5ideas. Relevant has recently launched a fashion discovery service, Roposo.
While the exact amount raised by the company has not been disclosed, Avinash Saxena who is the Co-Founder of Giveter has disclosed to Techcircle that the amount is under $500,000 (< Rs. 3.1 crore) .
The company’s social algorithms power both Giveter and Roposo and are focused on helping users find personalized and relevant products when it comes to both gifts and fashion. The company has also spun Roposo out as a separate service because they felt that both gifts and fashion were intruding on each other if Giveter combined both of them. Hence the company has decided to run both these services separately.
Saxena has also said that Giveter is very close to breaking even and has around 300,000 users visiting the site every month. The company is also looking at releasing mobile apps for both the services very soon.
The capital that the company has raised in this round of funding will be utilized to improve the technology and raise brand awareness among potential users. The company is also looking to hire talented people in UI/UX development, technical positions and marketing.
Source | Techcircle