Mumbai-based Gijutsu Solutions Pvt. Ltd, which operates peer-to-peer (P2P) app for buying and selling second-hand goods ListUP, has raised $500,000 (Rs 3.3 crore) in funding led by Kae Capital, it said in a statement.
Kunal Shah (chairman, FreeCharge) and Sandeep Tandon (Tandon Group) also participated in the funding round. As part of the deal, Kae Capital founder Sasha Mirchandani will join the company’s board.
The funding will be used for doing product enhancements, offline and online marketing and creating network density in the target markets, it said.
“A lot of innovation can be done in the used goods space using technology. With the increasing smartphone adoption and our unique approach to age-old classifieds, we are making buying and selling of used goods easier, safer and faster,†said Sumit Gupta, co-founder and CEO, ListUP.
ListUP was launched in January 2016 by Sumit Gupta, Pulkit Gupta and Saurabh Jain. ListUp facilitates P2P exchange of second-hand goods and aims to bridge buyers and sellers using technology.
The app is centred around geographical proximity and enables people to discover interesting goods being sold in their neighbourhood. The firm verifies the users using Facebook profiles.
The company claims to have a 100% month-on-month verified user growth and with an average active user spending around 15 minutes per day on the app and an active seller spending 30 minutes daily. It also claims to have a 300% month-on-month growth in the number of product listings.
In February 2016, Kae Capital had raised $30 million (Rs 203 crore) from existing and new investors as part of its second fund to invest in Indian startups.
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