Let’s Barter India Raises Angel Round Led by Scale Ventures
Delhi-based Scale Ventures, a brainchild of Nilesh Rathi of ‘Rathi Group of Companies’ and Rahul Narvekar, ex- CEO, IndianRoots is a leading venture capital firm that invests primarily in early-in-revenue startups .
Let’s Barter India, world’s largest community for barter on Facebook, raises the angel round led by “Scale Ventures”. They have raised an undisclosed amount from Scale Ventures and Sanjay Choudhary of Crowdinvest. The team aims to use this funding amount to fuel the growth rate of Let’s Barter, reach out new markets with the app and build a strong team to spread the concept of barter, enabled via technology.
Delhi-based Scale Ventures, a brainchild of Nilesh Rathi of ‘Rathi Group of Companies’ and Rahul Narvekar, ex- CEO, IndianRoots is a leading venture capital firm that invests primarily in early-in-revenue startups. Both the founders started the company with a mindset of not just funding the start-up but giving the right kind of mentorship, which is far more vital at an early stage of a start up. Scale Ventures had formally signed an agreement to acquire Guerrilla Ventures.
On this occasion, Mr. Rahul Narvekar, Co-Founder, Scale Ventures said, “I have known Pooja and Sahil since I have been a part of Innov8. I had attended Let’s Barter’s event in Chandigarh and realized that the venture is scalable and has potential in India. We feel that the start-up is niche but will connect with the youth of the nation as it follows the very unique module of barter. We will suggest Let’s Barter ideas to scale their business by indulging in meaningful tie-ups with e-commerce portals, restaurants and dating sites.”
Commenting on the first round of funding, Pooja Bhayana, Co-Founder, Let’s Barter India said, “We are ecstatic about our association with Scale Ventures. The funds shall be utilised for scaling up across different cities of India, educating the market about tech enabled bartering and building a strong backbone team to fuel Let's Barter. From a strategy point of view, we have so much to learn from amazing leaders like Rahul Narvekar and Nilesh Rathi.”
“We are very happy to have gained trust of the industry leaders like Rahul Narvekar and Nilesh Rathi” said Sahil Dhingra, Co founder, Let’s Barter India. He added “Our vision is to take the concept of barter, and the Let’s Barter app, to all cities and towns of India. We are building an alternate avenue for Indians to get more value of their used goods, and services, rather than selling it for low prices on classified sites.”
Let’s Barter India was formed in September 2015 as a Facebook group and the app was launched in August 2016. Headquartered in New Delhi, it is spearheaded by Pooja Bhayana and Sahil Dhingra, the two co-founders. The inspiration was to create more avenues for used products rather than selling them at a low value. The vision of the company is to be the platform for C2C exchanges & used goods and promote barter of services.
Let’s Barter India runs a Facebook group with over 1, 83,000 members, a community of likeminded people that barter with each other. This has reached this height without any marketing spend. It is now world’s largest community for bartering on Facebook. As a next step to making bartering easy, they recently launched a successful hybrid mobile application with its Android and iOS versions. The process of bartering services and products has been prevalent in India since time immemorial and they expect to bring back this concept of adding value to used goods to the present times.
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