Alma Mater Store Pvt Ltd, the company that owns and operates Almamaterstore.in, an alumni merchandising site, has raised an undisclosed amount from Indian Angel Network (IAN), as reported by Business Standard.
The report claims that IAN’s Ravindra Krishnappa, Joe Fernandes, Deependra Moitra and Rajiv Mehta led the investment round in the startup. Krishnappa and Fernandes will join the board of the company, as a part of the investment. The company claims that it will use the funds for marketing, building infrastructure and hiring. Currently, the company has a team of 15 people including the founders and it plans to increase this number to 30 in the next 4-5 months.
Founded in 2009 by Varun Agarwal and Rohn Malhotra, Alma Mater provides students and alumni of premier schools and colleges across India with customized merchandise such as t-shirts, hoodies and accessories. Users can either order the merchandise individually or in a bulk order. In case a school/college is not listed, users can also submit the name of their institution. The webstore accepts all generic payment modes including credit/debit card, netbanking, and cash on delivery (CoD).
The company claims to have supplied products to over 500 educational institutions spread over more than 60 cities. According to aTechcircle report, the company gets about 150 orders for customized merchandise on a monthly basis of which 75% comes from college/school students, the remaining is from corporate and small groups. Alma Mater has tied up with Aramex and Blue Dart, along with local players for delivering its products in north east and south.
IAN seems to be on an investment spree and is expanding its portfolio with a wide categories of startups. Earlier this month, IAN invested an undisclosed amount in Prettysecrets.com, an online lingerie store operated by MTC Ecom Pvt Ltd. Prior to that, IAN also invested an undisclosed amount in Bangalore-based Unbxd. In September, IAN invested in a cloud-based virtual classroom solution provider Aurus Networks and in July they invested in social gaming company – Hashcube. In April, IAN invested Rs 2 Crore ($400,000) in Birds Eye, a Mumbai based Geographical information systems startup.