Pune-based custom products startup icustommadeit.com has raised $4 million from Times Group’s Brand Capital, Siddhivinayak Skyscrapers, an undisclosed corporate giant and Dinesh R. Challa; in a Pre-series A funding round, said the company in a statement.
The company aims to use a substantial amount of funds from ad-for-equity media investor Times Group’s brand capital to advertise its brand and offerings through various media publications of Bennett, Coleman & Co Ltd, which operates as Times Group. With the fresh funds in place, Icustommadeit.com seeks to expand presence across 18 target cities, and also plans to start its global operations soon.
Twin marketplace approach
Icustommadeit facilitates creation and retail of customized merchandise through its twin marketplace approach. It connects custom artists, creators and sellers with an avid customer base who are looking for custom goods. The startup also has services to customize your 2 or 3 wheeler vehicle, jewelry, home décor, etc.
Their online portal lists custom-branded motorcycles and four-wheelers, that are modified to look and perform different from the original manufacturer, something that is not widely found in online marketplaces. It also sells customized product across garments, accessories, footwear, furniture, stationery, automobile, and confectionery, among others. Currently, the company offers an array of over 25000 products spread across 33 categories
Icustommadeit previously raised $250,000 each in its second and third round of angel funding in June and August 2015 respectively. So far, the venture has raised $900,000. The brand recently launched a bespoke tea collection ‘Garnet Glow’, which invited a phenomenal response, claims the company. In the coming month, an exclusive brand of handcrafted watches ; ‘Aion’ is due for launch.
Competition: There are a number of customization stores and portals in India like Printvenue, which secured $4.5 million funding from the Asia Pacific Internet Group in January 2014, Creyate and Kaaryah. However, icustommadeit takes a unique approach by allowing customers to get in touch with artists and creators. This allows customers to present their requirements better and get their product customized faster.