Bangalore-based Teamleaf Software Pvt. Ltd which runs an C2C base E-Commerce app, ForeverShop has raised around $ 300,000 (2Crore INR) seed funding from a clutch of angel investors.
Forevershop was founded by an international team in 2016: the Indian team mainly focuses on marketing, operation and customer service; the team in Beijing focuses on product development. It is a free and powerful e-commerce platform for millions of small and individual business owners across India. It aims to empower them to own a Free Online Shop and have a vision to change the Indian e-commerce landscape.
The money will be used to upgrade the product, expand seller base in Tier II and tier III cities, and build more business relationship with logistics and payment gateway partners. “We have invested lots of money on product development because we aim to build the best app for small/individual sellers in India. Many sellers are not familiar with smartphone usage and running own online shop, so we help them to own a shop and use it easily with ForeverShop with excellent user interface and user experience” said Shathyan Raja, the president of ForeverShop.
Beta launched in Jan 2017, and official launched in June 2017. It is a free app that not just aggregates sellers, but transforms them into entrepreneurs. Sellers need only a smartphone with internet to create an own online shop. It contains feature like own online website, products listing, categories, payment, order & customer management, marketing tools etc… ForeverShop have already got more than 1000 sellers during the beta launch period from metro cities. With official launch they plan to help more sellers from tier II and tier III cities.
“India is the fastest growing e-commerce market in the world and recently big investments happened in e-commerce sector. However, they focused more on B2C, which benefits only big sellers. 60% Indian economy contributed by SMEs and around 2million SMEs is looking to start their own online shop. ForeverShop designed to empower these people to benefit more with power of internet as the internet not only benefit big companies, but also all the small/individual sellers.
Mr. Shathyan Raja had his first stint with marketing and e-commerce during college days and started his own online furniture sales and rent website. He is a sales and marketing specialist with a proven track record of achieving sales and revenue excellence. He is a strategic thinker and a disciplined executor with excellent entrepreneurship skills and driven by high determination and plans to expand his realm in e-commerce pan India to make this online selling place available and accessible throughout the nation.
According to a recent report, online resellers space has been projected to grow to $48 Bn-$60 Bn by 2022. The number of online small/individual sellers will increase from the current 2 Mn to 21-23 Mn by 2022. Also, the market share of SMEs is expected to rise from 1.2% to 5.4% of the Indian Market