Smursh Ecommerce which runs Klip.in, a social discovery and curation tool for e-commerce, has raised an undisclosed amount of funding from VentureNursery. The funds raised will be used to build technical resources for product and building user base. The company claims that it is looking to tap the mobile segment, which we believe would be launching mobile apps or website. We have contacted the company and would update the article once we get a response.
Note that Klip is also a season 2 graduate from VentureNursery’s acceleration program that concluded in April 2013. Founded in 2011 by Harsh Gadia and Maneesh Madambath, Klip allows users to discover lifestyle products. Currently, Klip lists products in categories such as men, women, kids, home gadgets, art, DIY & craft, workspace, international and others. It does not allow users to add/klip new products, so it appears that all the products listed on the portal are internally curated.
Users can re-klip the products or buy from the site. It appears that Klip has removed few features such as groups and ability to filter products based on prices from the last time we checked the website. The site claims that it has over 5000 products curated from over 100 sites. The website has a user base of less than 1000 members.
In September 2012 when we had reviewed Klip, the company claimed to have strategic alliances with various partners like Buytheprice (Electronics, now dead), uRead (Books), Zovi (Fashion), Blue Bus Tees (Fashion) among others to offer their merchandise. It has also tied up with Excel Home Videos to offer movie DVDs of popular English movie titles. Depending on the vendor, Klip.in either redirects one to the respective portal or its own checkout process for the final purchase. The company had also tied up with Times of Money for payment purposes. So it aggregates products from other sites in addition to offering some on its own, a mix of affiliate marketing and online sales.
On some level Klip works on similar model as Pinterest, where users pin something they like to boards. However, on pins on Pinterest are not exactly limited to products from e-commerce sites. Klip essentially is a curation tool for e-commerce sites, which allows them to monetize with each purchase made from its sites. Klip earns commission on the merchandise sales and plans to introduce advertising and targeted deals in the future. It would be interesting to see if the company also introduces branded groups and profiles with possibly additional features like analytics in the future. Update: Maneesh Madambath, co-founder at Klip, has informed us that Klip has completely moved out of its previous business model. Currently, Klip does not sell any products from its website and the tie ups with the vendors mentioned above are no more. Klip is now focusing on product discovery on categories such as fashion, home and lifestyle. It has also removed books and mobile section from the website.
Klip.in competes with Kwaab.com, a social cataloging platform. In February 2013, the company claimed that it had more than 50,000 users and half a million cataloged images.
Outside India, there are companies like the US-based Fab.com which recently expanded to 20 countries and hit 7 million registered users, and The Fancy which was recently rumored to be in talks with Apple for an acquisition.