Banglore-based curated marketplace Qtrove has funding of Rs 350 Crore funding from Springboard Ventures, an investment arm of Times Group’s holding company Bennett, Coleman & Co Ltd (BCCL).
Qtrove said that it will be using the funds to further expand its marketing, customer acquisition efforts and vendor network through BCCL’s network of print, television, radio and digital media.
Founded by Vinamra Pandiya, Qtrove exhibits & sells non-factory made products such as candles, gift boxes, bakery goods, hand-made soaps, craft products, home decor, pet supplies etc. The company said in a statement that it aims to become ‘Etsy’ of India, and is looking to establish Qtrove as a default choice for customers looking for natural and sustainable products for their day to day usage.
Qtrove had raised angel funding from Growthsory in 2015 and is been promoted by K. Ganesh.
Qtrove will face competition with e-commerce players like Amazon and Flipkart, as they list all kinds of products (including pure cow dungs). However, marketplaces like Qtrove can have an edge over popular e-commerce platforms as it will cater to a niche. Besides, there are a number of marketplaces like Craftsvilla, selling handicraft products, either consumer-to-consumer or merchants-to-consumer.