Organic products e-tailer, Organicshop.in, has raised an angel funding of Rs 30 lakh from Rajasthan Angel Investor Network (RAIN).
Speaking to NextBigWhat on the development, Manuj Terapanthi, CEO, Organicshop.in, said, 13 investors from the network have invested in the company in exchange of 30% equity which brings the evaluation of the company to about Rs 1 crore.
The website works on a marketplace model and does not stock any inventory. It currently features more than 1300 products across various categories such as organic clothing, food, cosmetics and wellness.
The Jaipur based startup, which started in November 2012, is currently doing 10 to 12 orders per day, with an average ticket size of Rs 500.
The margins on organic products are somewhere around 15-30% depending on the product category, also we are launching our own private label by the name of “ITSORGIC” very soon, adds Manuj. According to him, funds will be invested in marketing, branding, technology and customer experience along with expansion in global markets.
The portal is a joint venture with a US based company, Jaipur Inc, which also runs a similar portal, Onlineorganicmart.com, for US market.
This is the first venture of RAIN, which is a group of angel investors in Jaipur and also the first investment, since they have started.