IsGoingOnline raises Rs 1.5 cr in pre-Series A led by Artha Venture Fund

Kochi-based IsGoingOnline (IGO), a digital catalogue and online marketplace that enables SMEs to list their offerings online, has raised Rs 1.5 crores in a Pre-Series A round led by Artha Venture Fund. Unicorn India Ventures, SEA Fund, and Brookfield Asset Management’s former Managing Partner, Devdatt Shah, also participated in the round.

IGO plans to use the funds from this round to scale up internationally and enable SMEs to go online. The company is taking its operations to the US, Canada and the Middle East, in addition to the already established business in India. The investment round is also expected to enable IGO to expand its platform and add key product capabilities. The startup is looking at a market share of 18% by FY24.

Eobin George, CEO, IsGoingOnline, commented, “We started as a platform that facilitated 3D scanning of products for sellers. However, while interacting with small businesses, we realised that they were finding it challenging to use traditional online listing platforms as well. While the challenges varied, the high commission seemed to be a common denominator. There was a clear gap in the market that led us to pivot our business and expand our existing platform towards the creation of IsGoingOnline."

IsGoingOnline, previously known as PerfectFit, pivoted its existing 3D scanning business to that of digital cataloguing and online listing. According to a CRISIL study, that covered 566 small and micro enterprises, 53 per cent of small enterprises had pivoted to digital sales channels – up from just 29 per cent before the pandemic.

Vinod Keni, Growth Partner, Artha Venture Fund, said, “The pandemic has resulted in shifting consumer demands online, having a domino effect leading to the transition of sellers to cater to these needs. We were impressed by the team at IGO and how they are leveraging new age proprietary technologies to cater to these business needs. Their successful business pivot and a strong (inbound) pipeline of SMEs was another factor that led us to invest in them. It showcased their adaptability and zeal to create real business solutions for the lesser tapped market of small enterprises in the country.”

In the few months since its launch, IGO has witnessed a 25% month-on-month growth and boasts a clientele that includes Bigbasket, Namdhari, French Terrain, and IceBasket etc. Additionally, it also offers value-added services via its studio arm Perfit Studio Network, which helps businesses generate professional-grade photos and videos of their products.