Online marketplace and unicorn Shopclues will invest a total of Rs 1 crore across four startups. The startups receiving funding are Pepper Agro, Glam Studios, Ornativa and Scrapify. ShopClues shortlisted these startups after organizing the first edition of the ‘Next Big E-preneur Challenge’, which they plan to make an annual event. This collaboration also entails assistance in operations, technology and strategic partnerships that ShopClues intends to provide to these startups.
Bengaluru-based Pepper Agro is an online marketplace for gardening products.
Founded in 2016, Noida-based Glam Studios claims to be India’s first chain of tech-driven standardized salons. It currently provides services in Hyderabad and NCR.
Ornativa is a jewellery startup that uses 3D printing technology to build their products. It is already a merchant on ShopClues and wants to use the funding to scale up and build its brand.
Scrapify is still in its ideation stage.
Though Shopclues has not finalized yet whether to have a stake in the companies or disburse the amount based on milestone, details shall be finalized by the next week, stated Ganesh Balakrishnan, assistant vice-president, Merchant Services, ShopClues. Based on the stage and the requirements of the startups, ShopClues will divide and invest the money. “It’s not just money that we are giving. We want to help the entrepreneurs with our know-how and expertise in ecommerce itself and offer any operational help,” added Balakrishnan.
“The next clutch of entrepreneurs in India is really pushing the envelope of innovation and also carefully looking at execution and profitability,” said Sandeep Aggarwal, Founder of ShopClues. “I believe that challenges such as these are an ideal way to encourage fresh approach and help bolster the enthusiasm that is already present in India’s startup world.” ShopClues has previously invested in real-time shopping-assistant app HeyBiz.