Latest News | Ecommerce Startup Flash Raises USD 5.8 Mn

Mumbai, Nov 30 (PTI) Ecommerce startup Flash, founded by former Flipkart senior vice president Ranjith Boyanapalli, on Wednesday announced it has raised USD 5.8 million (about Rs 47.17 crore) in a funding round from global investors and marquee angels.

The seed funding round was led by Global Founders Capital (GFC), White Venture Capital (a fund by Jitendra Gupta and Amrish Rau), Zinal Growth, Soma Capital, Emphasis Ventures and Peer Capital, the company said in a statement.

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It also saw the participation from angel investors, including Flipkart ex-co founder Binny Bansal, CRED Founder Kunal Shah, Bain and Co Senior Partner Arpan Sheth, Udaan Co-founder Sujeet Kumar, Groww CEO Lalit Keshre among others, in this round.

The funds will be utilised for product development, hiring and global expansion.

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"We are aiming to onboard two million users in our first year. With an elite guild of VC Funds and Angel investors on board, who have put their trust in us and supported us with their experience, we hope that Flash can undoubtedly change the way we shop," Flash founder and CEO Ranjith Boyanapalli said.

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The fund raised in Pre Series A round will be utilised for expansion which includes leveraging AI-ML-based technology to enhance learning experience for children, the company said in a statement.

The startup is also planning to diversify and build on their distribution by adding more channels, including offline stores and schools while building an organic traction from international markets with a strong focus on the UAE markets.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)