SaleBhai Raises Rs. 10 Crore From Times Group’s Brand Capital
SaleBhai, the Ahmedabad-based e-tailer for regional goods, has raised $1.5 million (Rs. 10 crores) from Times Group’s investment arm Brand Capital, for a minority stake. The brand had received funding earlier from promoters and customers. And the raised funds will be used to further promote and advertise the brand, targeting to reach 1 lakh users within the next year. Their current user base is around 10,000 and they also plan to achieve $149,000 (Rs. 1 crore) and breakeven by October this year, Inc42 reported.
Launched September 2015, SaleBhai was founded by Vishwa Vijay Singh, Purba Kalita and Pramod Rao. They have a team of 28 and the aim of the brand and their service is to be a discover platform for the diasporic community by sourcing authentic products from their native places. On their list of products, they have sweets, namkeen, chocolates, spices, dry fruits, beverages, pickles, as well non-food items like handicrafts, paintings, puja items and herbal products from over 100 cities.
As they say on their website, “Salebhai.com is your one-stop destination for food specialities. We take great pride in presenting a mind-boggling range of exquisite sweets, snacks, biscuits, chocolates, pickles, spices, and much more. Whether it’s Agra’s petha, Lonawala’s chikki, Ratlam’s sev, Ahmedabad’s khakhra, Bengaluru’s chocolates, Bombay halwa, or Mysore pak, the country’s mouth-watering treats are all on salebhai.com. We are committed to delivering pure goodness and celebrating a lasting relationship with you.”
“We are extremely delighted to have secured such significant funding from Brand Capital. I’m confident that our partnership with this esteemed establishment will help us expand our footprint and acquire more customers in India and abroad.” Co-founder Vishwa Vijay Singh said in a statement.
Earlier this year, SaleBhai raised an undisclosed amount of funding from 12 high-net-worth customers. And they are looking to bring on board a second batch of customers-turned-investors.