Flipkart mafia is getting bigger and bigger. Flash, a start-up founded by Ranjit Boyanapalli, ex-senior vice president, Flipkart, has raised a seed round of $5.8 million from Global Founders Capital, White Venture Capital, Zinal Growth, Soma Capital, Emphasis Ventures, Peer Capital.
Key Angels including Binny Bansal (Founder and former CEO of Flipkart), Kunal Shah (Founder of Cred), Sujit Kumar (Co-Founder of Udaan), Lalit Keshere (Grow CEO), Rishi Vasudev (Co-Founder of GOAT Brand Labs) investors, also participated in the round.
Founded in April 2022, Flash is building a platform for customers to create a unique digital shopping identity. It plans to invest the capital in product development, hiring and global expansion. The start-up is targeting India’s top 25 million ‘power shoppers’, who account for nearly 70 per cent of e-commerce revenue. Through its platform, it will provide users with end-to-end control of their online shopping experience.
Commenting on the funding, Ranjith Boyanapalli, Founder and CEO, Flash, said, “The unique digital shopping identity will allow online shoppers to access personalized experiences, rewards and clutter-free communication. Our AI/ML-based platform will be backed by best-in-class encryption to protect privacy and give control back to the consumer.”
Flash, which hasn’t launched its product yet, is looking to onboard two million users in the first year. Boyanapalli said, “With an elite guild of VC funds and angel investors who have trusted us and backed us with their experience, we anticipate that Flash can undoubtedly change the way we shop. ”
The total addressable market of Power Shopper is projected to grow to 65 million by 2030. We are impressed with the Flash team and product and are confident they will make a significant impact in the years to come,” said Roel Janssen, Partner at Global Founders Capital.
“We are excited to support a founder like Ranjith, who has extensive experience building great consumer products,” he added.
Prior to this, Boyanapalli had an eight-year stint at Walmart-owned Flipkart, working across multiple divisions including fintech and payments, product, customer experience and business development.
Read also: ONDC is not a platform; Flipkart doesn’t compete with Meesho, Amazon: DIF chief Arvind Gupta
Read also: Black Friday sale on Flipkart ends tonight: Deals on AirPods, Galaxy S22, and more
