E-commerce startup Flash, floated by Flipkart’s former senior vice-president Ranjith Boyanapalli, on Tuesday said it has raised pre-Series A funding of $6.7 million (around Rs 55 crore) co-led by Blume Ventures and PeerCapital.
The round also saw participation from existing backers including White Venture Capital and Emphasis Ventures, among others.
With this round, Flash has cumulatively raised $12.5 million till date.
The fresh capital will be channeled to expand the startup’s presence in India, hire talent and improve infrastructure.
Founded by Boyanapalli, Flash is a platform that offers shopping tracking, spend analytics, and personalised lifestyle rewards tailored to individual shopping behaviours.
Last year, Flash raised $5.8 million in a seed round led by Global Founders Capital (GFC), White Venture Capital, Zinal Growth, Soma Capital, Emphasis Ventures and Peer Capital.
Angel investors including Binny Bansal (ex-Flipkart); Kunal Shah (Cred); Arpan Sheth (Bain & Co); Sujeet Kumar (Udaan); Nikhil Srivastava (PAG Venture); Lalit Keshre (Groww) and Rishi Vasudev (Goat Brand Labs), among others also participated in the round.
Meanwhile, early-stage VC firm Blume Ventures, which has backed more than 150 startups including Unacademy, Spinny, Slice, Grey Orange, Turtlemint, Carbon Clean and Servify among others marked the first close of its new opportunity fund, Fund 1Y in June.
Fund 1Y is Blume’s third growth fund, and the VC firm has already raised Rs 200 crore (nearly $25 million) of the Rs 400 crore target.