Noida and Bhubaneshwar-based Lal10, which operates an online marketplace that connects artisans and bulk buyers, has raised an undisclosed amount in a pre-series A funding round from a clutch of investors, a top company executive told VCCircle.
The investors who participated in this round include TT Jagannathan, the chairman of TTK Prestige Group; Chand Das, former chief executive of stationery and education products at ITC; Akhilesh Krishnan, chief financial officer of Apollo Hospitals; and Suresh Kumar, former managing director of ITC Hotels, besides undisclosed US-based investors, the person mentioned above said.
Impact investment firms Intellecap and Villgro Invent also participated in the round.
Bhagwandas Retail Pvt. Ltd, which operates Lal10, will use the funds to develop new designs, hire resources and for working capital requirements, co-founder and CEO Maneet Gohil told VCCircle.
A good part of the funds will be utilised in incorporating technology to source products in real time to bulk buyers across the globe directly from our artisan network, Gohil added.
The startup, which is part of San-Francisco based GSBI Accelerators 2018 cohort, is also looking to raise its Series A round within the next few months.
We have commitments from existing investors and potential US-based investors for the second round of investments, Gohil said.