Blingg, begged a whopping funding of $100,000 from Decentralised Venture Capital
DATE OF ANNOUNCEMENT : 23rd February, 2023
COMPANY'S LEGAL NAME: Blingg Labs Private Limited
FOUNDERS: Sanil Jain is the Founder and CEO at Blingg and he has formally Co-Founded a famous startup in the name of Cupshup. Sanil has even worked as a Sales Specialist at Amazon. Sanil has comple ted his graduation from SVKM's Narsee Monjee Institute of Management Studies (NMIMS) and SVITS Indore.
FUNDING TILL DATE: USD $100k.
TYPES OF FUNDING: Seed Round
VALUATION : Not disclosed
INVESTORS: Backed by two famous investors including decentralized Venture Capital and other Angel Investors.
COMPANY BUSINESS: Blingg is a subscription based privileges and commerce platform for working professionals. Blingg provides a Monthly subscription box at Just Rs.79 and it gives users 5 exciting products (worth about Rs.300) delivered to their doorstep absolutely for free. Users also get access to curated offerings from popular brands, early access to services and beta access to the upcoming products. It partners with brands which includes Cure Fit, Dunzo, Faasos, Lenskart, Ixigo, Box8, mfine, 1mg, Tea Monk among many others. With Blingg users can unlock exclusive offers, vouchers, free trials, rewards and more enabling savings upto Rs. 25,000 per year. Blingg aims to help digital-first brands get discovered, launch, sample and also sell products through Shopify. Blingg has worked with more than 75 brands across health, beauty, wellness, and beverage, among other categories. Blingg’s team operates from Mumbai and comprises a rapidly expanding team leading the charge in technology, innovation, and marketing. The platform is accessible on both desktop and app versions, and D2C brands can use it completely free of charge until March 31, 2023.
COMPANY'S VIEW : Sanil Shah ,co-founder and CEO of Blinggs commented about new strategies ““We are excited to receive the backing of DVC as we pursue our goal of democratizing discovery for D2C brands. In a market where most e-commerce platforms prioritize search, our platform and marketplace that prioritize discovery and sampling provide a vital solution for SMB D2C brands struggling to stand out in India.”
INVESTORS VIEW : Jeroen Bertrams, General Partner at DVC commented about funding " that many direct-to-consumer (D2C) brands struggle with online marketing and require new avenues to reach their audience. Blingg’s innovative platform, which offers a cost-effective way for D2C brands to reach their target group and collect data on their campaigns, piqued the investor’s interest. Sanil Jain, Blingg’s founder, has a successful track record in the industry, has built a strong team, and has received positive feedback on the platform’s concept. The combination of these factors led to a successful investment round"
PURPOSE OF FUNDING : The funding will be used to create operations throughout the country.
COMPETITORS: Blingg studios competitors include ProperConvert app, Quicken, Uncat, Buxfer, Creditsafe, Khatabook, CCH Intelliconnect and Credit Scoring