A start-up incubated at the Gujarat University Startup and Entrepreneurship Council (GUSEC) — alagrand.com — has raised a substantial amount of seed round of investment based at start-up’s valuation of Rs 20 crore. Founder and chief executive officer (CEO) of the startup, Mitesh Shethwala, however, refused to disclose the amount of seed investment he has received.
But he said that the investor is a local businessman who would have an equity stake in the company. The investment, he said, had been raised to support his venture until it was able to generate its own cash flow. Alagrand.com was provided a sum of Rs 40,000 by GUSEC in April 2016 as a pre-seed fund.
Talking to mediapersons, Shethwala said that his venture was an online platform available for sale and purchase of textile and fashion products. In the last six months after he received support from the GUSEC, he has put up 24 brands on his platform from Ahmedabad, Surat, and Rajkot, including JadeBlue, Asopalav, Chashmis and Viva N Diva etc, and giving deliveries all over India. According to him, there are over 10,000 products available for sale on his website.
He said that he had so far restricted his activities to Gujarat alone because of shortage of funds. “I will now expand the activities of my startup all over the country with funds being made available by a local investor and subsequently take it to international level, particularly among the Gujarati diaspora,” he said.