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Exclusive: School products marketplace Schoolkart raises $300K in angel funding

Bengaluru | March 28, 2016 03:01 PM IST., an online marketplace in the school and education products domain, has raised $300,000 (around Rs 2 crore) in funding from 12 angel investors.

Founder Nikhil Sareen (second from right) and his team

The startup did not disclose the name of the investors and only said some of them were prominent angel investors while the rest were high net worth individuals (HNIs).

Last year, the startup had raised $200,000 from three investors, Nikhil Sareen, founder and CEO, Schoolkart Technologies Pvt Ltd, told VCCircle.

Founded in January 2015, Schoolkart is a marketplace for school uniforms, shoes, stationery, sporting goods, reference books, etc. It works directly with vendors of school supplies and stocks around 25,000 products on its platform. Schoolkart also has an inventory-led model for some products.

For school uniforms, the firm currently caters to the Delhi NCR region, while for rest of the product categories it serves customers across the country.

The funding will be used to step up marketing, increase its seller base, strengthen processes and hire more talent.

The startup, which currently employs 15 people, said it will hire in the areas of customer service, sales and marketing.

Before starting Schoolkart, Sareen was with Amazon India and was responsible for setting up the e-commerce major’s sports and outdoors category. Prior to that, he founded a not-for-profit Ehsaas Welfare Foundation which works towards providing education and employment opportunities to the underprivileged sections of society. He is an MBA from Indian School of Business (ISB).

Given the founder’s association with the NGO, Schoolkart also runs a CSR initiative called Schoolkart Cares. Customers who visit the platform are given the option to donate their old uniforms, shoes, etc. These products are picked up from the customer location by Schoolkart’s logistics partners, and are then sanitized, refurbished (if needed) and then donated to partner NGOs. It charges Rs 50 as convenience fee for getting those products picked up from the doorsteps of customers.

Schoolkart competes with Noida-based ESchoolBuddy and (earlier known as Scholarkart). Fastudent, which is operated by EduVision Retail Technologies Pvt Ltd, in November 2015 raised an undisclosed amount of seed investment from a group of angel investors led by Evalueserve COO Ashish Gupta.

Source: VcCirlce. By Arti Singh.