Bengaluru-based online media startup The Better India has raised ₹25 crores ($3.5 million) in series A funding round from VC firm Elevar Equity. Rise Fund, managed by TPG Growth also participated in the funding round. The company aims to scale up and foray into e-commerce by using the freshly raised capital.
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Founded by husband-wife duo Dhimant Parekh and Anuradha Kedia in 2008, The Better India is an online blog and media company which publishes stories highlighting social and environmental issues faced by the micro, small and medium enterprises. In October 2018, the startup forayed into e-commerce space and launched its shop.
“We see a huge opportunity to leverage our MSME community who make great products but they lack access to consumers market. We decided to experiment by featuring their products and allowing the community to buy as well, and bring revenue for them,” co-founder Dhimant Parekh talked to Inc42.
The e-commerce portal is currently at the development phase but it continues to accept orders from cities like Bengaluru, Delhi NCR and Mumbai. With a portfolio of 1,500 products and 150 MSME vendors, the startup has started selling to customers. However, the founder clarifies that it’s too early to determine the revenue and metrics.
“We plan on catering to the PAN-India MSMEs and deliver their products to consumers from every corner of the country. The idea is to use the power of content to build a community, mobilise the community for various social causes,” Parekh said, adding that it will take a monetisation percentage from every product sold from the platform.
On the digital media and content side, the startup has more than 50 million readers every month and caters to content across languages like English, Hindi and Malayalam. The startup will hire more team members and expand its editorial and marketing team by using the freshly raised funds.