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Business Standard raises $4mn in pre-series A funding

Currently, the company offers an array of over 25,000 products spread across 33 categories

BS Reporter  |  Pune raises $4mn in pre-series A funding

The Pune based products start-up today announced that it has raised $4 million from Times Group's Brand Capital, Siddhivinayak Skyscrapers, an undisclosed corporate giant and Dinesh R Challa, IIT Roorkee alumnus; in its Pre-series A funding round. aims to use substantial amount of funds from ad-for-equity media investor Times Group's Brand Capital to advertise its brand and offerings through various media publications of Bennett Coleman & Co Ltd, which operates as Times Group. With this partnership, seeks to expand presence in 18 target cities and also start its global operations.

Raj Iyer, Director and CMD of commented, "We are very confident and looking forward to create a high impact in the market by utilising Times Group's expansive outreach and matchless media mix. We are also in progressive talks with a few Venture capitalists for initiating a next round of funding within the next few months."

For this round icustommadeit was advised by Key Legal Investors, Pune.

Currently, the company offers an array of over 25,000 products spread across 33 categories. It had raised $250,000 each in its second and third round of angel funding in June and August 2015 respectively.

So far, the venture has raised $900,000. The brand recently launched a bespoke tea collection 'Garnet Glow', which invited a phenomenal response. In the coming month, an exclusive brand of handcrafted watches ; 'Aion' is due for launch. Icustommadeit also entered licensed agreements with top merchandise brands recently.

The last round of funding was led by Aditya Pethe (MD, Waman Hari Pethe Jewellers), Vidisha Vaidya (Indirect Tax Head, Eaton India), Aparna Pittie (Director Delloite Consulting), Emrise Superfund Australia, and Ravi Kant Sharma (Quality Lead; Chevron, India).

First Published: Tue, February 16 2016. 17:52 IST