Reviews42, a product review site, has raised an undisclosed amount of funding in a Series A round from Nirvana Venture Advisors and Rahul Khanna (MD at Canaan India) and other undisclosed individuals, reports VCCircle. Existing investor Blume Ventures also participated in the round, and other existing investor VentureEast has exited the company with this round. In June 2012, Reviews42 had raised an undisclosed amount of funding from Blume Ventures and VentureEast.
While the amount of funding was not disclosed, VCCircle puts the number between $2-3 million. Post funding, Ranjan Mehra & Amit Panti from Nirvana Ventures and Karthik Reddy from Blume Ventures joined the Reviews42 board. The company states that the funds raised will be used to enhance the product catalog and integrate technology for servicing offline retailers.
Reviews42, as the name suggests, aggregates user reviews based on ratings/rankings taken from users. It claims to cover 1,00,000 products across categories like Computer & accessories, Mobile Phones, Electronics, Clothes and bags, food and beverages, kitchen and home appliances, health and beauty, baby products, home and lifestyle, and shoes with about 50,000 user reviews. The website also fetches prices from over 600 online shopping sites like Flipkart, eBay, Snapdeal, Homeshop18, Infibeam, among others to provide price comparison engine on its products. The company had recently launched its Android app.
Reviews42 allows users to browse and search through products by brand, categories, features and price, and offers a detailed specification page along with user reviews, expert reviews, buying tips and over all ratings. The site uses third party APIs such as webpurify, akismet to moderate abusive/spam reviews, and claims that it doesn’t feature any paid reviews, and that no brands are involved in moderation. It also features Reputation ratings for reviewers and a leaderboard of reviewers.
Competition: The site would compete with user generated reviews sites like MouthShut.com. E-commerce websites such as Flipkart, Homeshop18, etc also provide user reviews on product pages. It also competes with price comparison engines such as BearShop, CompareIndia, which Network18 bought a decade ago, the Helion Venture Partners and Accel Partners backedMySmartPrice, FindYogi and iShopper*, CompareRaja, PriceDekho, ShopMania, PriceCheck, Prodsea.
Disclosure: iShopper is owned by Vivek Pahwa, who is related to Nikhil Pahwa.