IGO, a KSUM-mentored start up, mops up Rs 1.50-Cr funding
IGO to utilize funds towards global growth and enable SMEs to go online
The Kerala Start Up Mission (KSUM) has, over the past years, mentored many an entrepreneurial venture to good success. There have been many success stories over the past decade, and a slew of start-ups have flourished well. KSUM is the nodal agency of the Kerala government for entrepreneurship development and incubation activities in the state.
The latest in this series of success stories is that of an automated product photography and online listing solution start-up that helps MSMEs and other stores to onboard and sell their products online. The start-up named IsGoingOnline (IGO) has now outgrown its baby steps and is ready to gallop.
IGO, according to a KSUM communique, is all set to expand its platform and add key product capabilities to its portfolio. As a first major step, it has mopped up Rs 1.50 crore by way of a Pre-Series A round funding. The money is to be utilized to scale up internationally and enable SMEs to go online.
IGO raised funds in a Pre-Series A round led by India’s first early-stage micro VC fund Artha Venture Fund, along with participation from Unicorn India Ventures, SEA Fund and Brookfield Asset Management’s former Managing Partner Devdatt Shah; the Kerala Start Up Mission said.
IGO, previously known as PerfectFit, has pivoted its existing 3D scanning business to that of digital cataloguing and online listing. The start-up offers holistic services to set up online operations powered by new technologies, such as artificial intelligence, besides small and medium businesses looking to set up their own marketplace or get listed on third-party websites such as Amazon and Flipkart.
In an industry that is growing 16 per cent annually, IGO connects 400-plus businesses to more than 120,000 buyers across the country by leveraging social commerce, the communique added.
IGO looks at expanding to the US, Canada and the Middle East
Artha Venture Fund is believed to have decided to go ahead with the funding as it was impressed by the way IGO was leveraging new-age proprietary technologies to cater to its business needs. Unicorn India Ventures stood by the company on realizing that IGO had the knowhow and understanding of the retail business and the necessary tools that can enable a SMEs to explore social commerce thereby directly impacting their bottom line.
According to IGO Chief Executive Officer Eobin George, the company was looking for investors who would be holistically involved in its journey and help it scaling up business. “We are taking our operations to the US, Canada and the Middle East. IGO is looking at a market share of 18 per cent by 2023-24,” he added.
IGO has recorded a 25 per cent month-on-month growth besides a clientele that comprises big names such as Bigbasket, Namdhari, French Terrain and IceBasket. The company also offers value-added services through its studio arm Perfit Studio Network, which helps businesses generate professional-grade photos and videos of their products.