GoCoop, an online marketplace for co-operatives and community-based weavers and artisans, has raised funds from Infosys co-founder Kris Gopalakrishnan, Saha Fund and existing investors. The company, however, declined to comment on the financial details. The Bengaluru-based startup plans to use the series A funds to enhance its marketplace technology platform and expand its buyer and seller base, GoCoop CEO Siva Devireddy told PTI. The company had earlier raised seed funding from Unitus Seed Fund and Indian Angel Network, led by Naga Prakasam. GoCoop has raised a total of over USD 2 million so far. "GoCoop leverages technology bridging the gap between buyers and co-operatives, enabling inclusion of these producers in today's on-demand economy and effectively eliminating middlemen," Devireddy said. Adopting an inventory less model and cluster-based approach, the company has less than one per cent product returns. "I believe that GoCoop is fulfilling a large unmet, social market need with its disruptive business model and it matches my vision of using technology to sustain ably solve problems and helping artisans and rural entrepreneurs by bringing their products to the global market," Gopalakrishnan said. GoCoop has presence in over 40 craft clusters and plans to expand to over 100 craft clusters across India in the next 24 months. Since August 2014, the company has processed over 5,000 orders, 40 per cent of which are international and includes orders from fashion boutiques, retailers, brands and apparel manufacturers.
GoCoop raises funding from Kris Gopalakrishnan, others
Press Trust of India |