Mumbai-based gift curation platform PropShop24 has raised ₹3.5 crores ($500,000) in its first investment round from undisclosed investors.
The funds raised will be used for marketing, to introduce new categories including jewellery and kids, building inventory, enhancing capacity to handle larger order volumes, along with streamlining operations to facilitate faster delivery.
PropShop24 is registered as Far Left Retail Pvt Ltd and founded by Amtosh Singh, along with his college friend, Utsav Vohra in 2012. It provides a broad range of curated gift products across various categories such as stationery, gadgets, beauty, food, and fashion.
Amtosh Singh has a vast experience for eight years across various portfolios, including sports, fashion, events and digital verticals, before moving on to start his own venture. His co-founder Utsav Vohra is a finance and economics graduate from RIT, New York, and manages operations, finance & product manufacturing at PropShop24.
Amtosh Singh, Founder of PropShop24, said, “We are also very excited about the launch of our private label Far Left which will feature an on-trend curation of high street eyewear.”
The platform claims to have registered a year-on-year growth of a staggering 360% in the financial year 2016-17, and 170% for the year 2017-18. It is also projecting a revenue growth of 35% for the coming financial year 2018-19.
Other players competing with PropShop24 include The Style Salad, Natty, Bigsmall.in, IGP.com, among others.