KOCHI: E-commerce platform IsGoingOnline (IGO) under the Kerala Startup Mission (KSUM) has raised Rs 1.5 crore to scale up the initiative internationally and enable SMEs to go online.
IGO raised the fund in a pre-series A-round led by India's first early-stage micro VC fund Artha Venture Fund, along with participation from Unicorn India Ventures, SEA Fund and Brookfield Asset Management’s former managing partner Devdatt Shah.
IGO offers an automated product photography and online listing solution which help MSMEs and other stores to get on board and sell their products online. IGO helps businesses which are finding it tough to keep the offline models afloat amidst the pandemic and changing consumption patterns.
IGO, which was previously known as PerfectFit, pivoted its existing 3D scanning business to that of digital cataloguing and online listing. The pandemic period has seen the percentage of small enterprises that pivoted to digital sales channels rise to 53 in place of 29 per cent before the outbreak, says a CRISIL study.
In an industry that is growing 16 per cent annually, IGO connects 400-plus businesses to more than 120,000 buyers across the country by leveraging social commerce.
IGO chief executive officer Eobin George said the company was looking for investors who would be holistically involved in its journey and help it scale up business. “We are taking our operations to the US, Canada and the Middle East. IGO is looking at a market share of 18 per cent by 2023-24,” he said.
IGO, in its nascent stage, clocked a 25 per cent month-on-month growth besides a clientele that includes Bigbasket, Namdhari, French Terrain and IceBasket. Additionally, it offers value-added services through its studio arm Perfit Studio Network, which helps businesses generate professionalgrade photos and videos of their products.
Recently, IGO launched an app for sellers that helps create ultra-light web stores that can be shared through Whatsapp and other social media platforms. The company, which enables businesses to create online storefronts within 60 minutes, has two patents in the digitization and display technologies segment.
