Thursday, December 29, 2016/VCCiRCLE/-
The Postbox, a Chennai-based art and lifestyle e-commerce firm, has raised an undisclosed amount of angel funding from The Chennai Angels.
Hourglass Design Pvt Ltd, which operates The Postbox, plans to use the capital to expand its product line, strengthen its team and will invest in marketing, the company said in a press statement.
The startup, founded by Madhuvanthi Senthil Kumar and Nikhil Joseph in 2014, was part of the Entrepreneur Development Cell at IIM Bengaluru. Prior to launching the startup, Kumar was associated with a fashion brand Ellesse and Desigual, and Joseph worked with Facebook in the advertising frauds and page policy enforcement teams.
“It has been an incredible journey over the last two years, researching, designing and launching products for the Indian market. We’re looking forward to the mentorship and guidance TCA can offer as we build and scale what we have been doing and aspire to do through the coming years,” said Joseph said.
The firm is engaged in research, product design and manufacturing of lifestyle, home décor and home ware products. Nearly 90% of its products are created in-house. The startup collaborates with over 200 artisans from five cities such as Pondicherry, Jaipur, Calcutta, Chennai and Hyderabad.
The Chennai Angels, earlier known as Chennai Entrepreneurship Trust Fund, was founded in November 2007 and provides finance to early-stage technology-based companies in India.
The angel network has invested in over 40 startups since inception. Its most recent investment was in agri-business startup E-Vegetailing Pvt Ltd, where it put in Rs 1.1 crore ($162,000). Its portfolio includes companies such as Syona Cosmetics, Silvan Innovation, Finance Buddha, Cloudcherry, Brigge and ProKlean.
Angel investing kicked off in India in mid-2000 with the formation of networks such as the Indian Angel Network. It has now spread across the country with several affluent individuals showing the risk appetite for investing in startups and with the growth of new platforms such as Lead Angels and LetsVenture.