Flash, an e-commerce startup, has raised $5.8 million in seed funding from Global Founders Capital (GFC), White Venture Capital, Zinal Growth, Soma Capital Emphasis on Ventures and Peer Capital.
Several angel investors including Binny Bansal (Ex-Co-Founder, Flipkart), Kunal Shah (Founder, CRED ), Arpan Sheth (Senior Partner, Bain & Co), Sujeet Kumar (Co-Founder, Udaan), Nikhil Srivastava (PAG Venture), Lalit Keshre (CEO, Groww) and Rishi Vasudev (Co-Founder, GOAT Brand Labs) participated in the round.
The e-commerce platform will use the funds for product development, hiring and global expansion. It also aims to gain two million users in the first year.
Flash is an e-commerce platform that aims to create a comprehensive ecosystem to provide consumers with better communication and personalized shopping.
Flash seeks to address the potential challenges shoppers face in post-order experiences, lack of rewards, and confusing communications. The company expects these concerns to grow if not addressed as more brands and consumers switch to online shopping.
Ranjith Boyanapalli, Founder and CEO of Flash, said, “With Flash, we’re trying to create a digital shopping identity for powerful shoppers that makes shopping enjoyable. A unique digital shopping identity will enable online shoppers to access personalized experiences, rewards and seamless communication. Our AI/ML platform will be backed by best-in-class encryption to protect the privacy and return control to the consumer.”
Ranjith was Senior Vice-President at Flipkart and was in charge of the fintech and payments group, customer experience and market segments during his eight-year tenure at the Walmart-owned company. In 2010, he founded BuyThePrice.com, an e-commerce marketplace that received seed funding from angels including Rajan Anandan, Rehan Yar Khan and Sunil Kalra. In 2013, the company was bought by Tradus, a company of the Ibibo group.