GullyBuy Software raises Rs 4 crore pre-series A funding
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Synopsis
This is the second investment that SEED has made with the GullyBuy founders.
By ET Bureau
Pune: Pune-based software startup GullyBuy Software said it had raised Rs 4 crore in Pre-Series A funding from SEED Enterprises and a few individual investors.
“The funding will help our sales/marketing team to promote the app more aggressively and engineering to accelerate the product roadmap. This space has unlimited potential but is also highly competitive, and hence we continue to seek more funding,” said Shirish Deodhar, co-founder of GullyBuy Software.
GullyBuy provides a unique digital hyperlocal marketplace solution that enables buyers to order online from nearby stores selling groceries, food, medicines and other daily necessities.
“While offline-to-online retail solutions are proliferating, we decided to back GullyBuy because of their vision of empowering local stores, a segment that has been underserved by the digital economy. Others either enable standalone online stores or are logistics apps that bypass stores, while the e-commerce giants' strategy is to effectively make them their agents,” said Siddharth Sethi, CEO of InfoBeans, who joins the GullyBuy board following the investment.
This is the second investment that SEED has made with the GullyBuy founders.
GullyBuy's mobile apps are aligned to the informal nature of the regular buy-sell transactions with local stores. Stores come online ready to receive orders instantly after downloading the vendor app and can opt for product listing, offers, discounts etc at their own pace.
"We chose to release our apps with basic functionality to validate the market. A steady stream of innovations is in the pipeline. They include machine learning-based app recommendations, analytics, links for delivery partners and brand promotions, and language choice. We are also working on a concept called GullyShop, which will be very beneficial to stores," said co-founder Swati Deodhar.
Founded in October 2019, this is the fourth startup set up by Shirish and Swati Deodhar.
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SEED Enterprises is the family office investment firm of Avinash Sethi, Mitesh Bohra and Siddharth Sethi, the founders of InfoBeans Technologies, an IT services firm. “The funding will help our sales/marketing team to promote the app more aggressively and engineering to accelerate the product roadmap. This space has unlimited potential but is also highly competitive, and hence we continue to seek more funding,” said Shirish Deodhar, co-founder of GullyBuy Software.
GullyBuy provides a unique digital hyperlocal marketplace solution that enables buyers to order online from nearby stores selling groceries, food, medicines and other daily necessities.
“While offline-to-online retail solutions are proliferating, we decided to back GullyBuy because of their vision of empowering local stores, a segment that has been underserved by the digital economy. Others either enable standalone online stores or are logistics apps that bypass stores, while the e-commerce giants' strategy is to effectively make them their agents,” said Siddharth Sethi, CEO of InfoBeans, who joins the GullyBuy board following the investment.
This is the second investment that SEED has made with the GullyBuy founders.
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GullyBuy's mobile apps are aligned to the informal nature of the regular buy-sell transactions with local stores. Stores come online ready to receive orders instantly after downloading the vendor app and can opt for product listing, offers, discounts etc at their own pace.
"We chose to release our apps with basic functionality to validate the market. A steady stream of innovations is in the pipeline. They include machine learning-based app recommendations, analytics, links for delivery partners and brand promotions, and language choice. We are also working on a concept called GullyShop, which will be very beneficial to stores," said co-founder Swati Deodhar.
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Founded in October 2019, this is the fourth startup set up by Shirish and Swati Deodhar.