Sconto Raises Pre-Seed Funding Over INR 1 Cr At $2.5 M Valuation
The startup is expecting to raise their next round of Investment to expand Pan-India operations by December 2022
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Student Lifestyle and Discovery startup, SCONTO, raises pre-seed funding of €150K at a valuation of $2.5 million from European Angel Investor. The startup aims to utilise the funds for hiring fresh talent in their focussed group to scale the product further, as well as to commence full-fledged operations in Kolkata.
Sourav Chakraborty along with Sohang Sengupta and Luca Albanese are the Co-founders of Sconto, a revolutionary platform which aims to bridge the gap between the world's largest Student Tribe and the Businesses.
“There are close to 40 million college/university students in India, but the lack of a centralized platform stops the national, international and local businesses to tap into this niche customer segment and curate offers for the larger student populace for building on their brand image and loyalty. This is also one of the major reasons why international entities like Unidays and SheerID failed to penetrate the Indian Market. Sourav and I were already accustomed and experienced in building dedicated communities as we had built India’s first and largest Cybersecurity Community, ZeroDollarSecurity, previously. So we believed this to be a brilliant opportunity to tap into the market and set the rules of the game”, Sengupta adds.
Luca Albanese states, “India as a society is a beautiful amalgamation of culture, people and opportunity and considering that is an education heavy community there will only be a steady exponential increase in the enrolment of students into colleges as well as establishment of newer academic institutions facilitating the same over the years. With a college population bigger than a lot of countries across the globe, I believe we at SCONTO are empowering the communication between students and the businesses/brands thereby allowing an opportunity for businesses to build on their brand loyalties over time as the student progresses from academics to corporate life”.
The Co- founders Sourav Chakraborty and Sohang Sengupta completed their B.Tech from IEM, Kolkata. Sourav then pursued MS from Boston University, USA and MSc in Management from Imperial College London, UK whereas Sohang is a certified Ethical Hacker and RedHat Systems Administrator. The other Co-founder and Investor, Luca Albanese is a an alumni of Politecnico Milano and SDA Bocconi.
The app’s target market directly caters to a recurring subset of the 500 Million+ GenZ in India and the founders with their 20-member strong team firmly believe that SCONTO will transform and redefine Student Lifestyle and Discount Discovery in India. The startup is expecting to raise their next round of Investment to expand Pan-India operations by December 2022.
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