Kartrocket raises $6 mn from Bertelsmann India, others

E-commerce enabler KartRocket has raised USD 6 million (about Rs 40.5 crore) in funding led by Bertelsmann India Investments (BII). Existing investors, Nirvana Digital India Fund, Nirvana Digital Investment Holding Co Ltd, US-based 500 Start-Ups and Singapore's Beenext also participated in the fresh round of funding, KartRocket said in a statement. KartRocket caters to SME players, helping merchants go online under their own brand.

Its platform provides a web and mobile site, payments and logistics capabilities, in-built marketing and promotion tools as well as integrations with leading B2C marketplaces. It has more than 7,500 shops and adds over 10,000 listings per day. "The current ecosystem is not supportive of integrating smaller sellers into e-commerce, in-fact they aim towards replacing them rather than including them. There are over 50 million 'homepreneurs' and small sellers in India that currently do not have a medium of launching their sales online," KartRocket CEO and co-founder Saahil Goel said. By bringing such sellers online, the company is building the largest supply base of unique products for buyers to choose from, he added. He further said: "The fresh investment will help us with product development, talent acquisition, seller ecosystem development and performance marketing". In 2013, KartRocket had previously raised their seed round from angel investors -- 5Ideas Startup Superfuel and 500 Startups. In 2014, it secured its Series A funding from Nirvana Venture Advisors, 500 Startups and Beenos.