E-commerce startup Flash.co announced on Tuesday that it has raised $6.7 million in a funding round led by venture capital firms Blume Ventures and PeerCapital. Flash.co was founded by Ranjith Boyanapalli, a former senior executive at Flipkart. The company provides custom-made email accounts and help with rewards for frequent online shoppers. Their goal is to build unified digital identities across e-commerce platforms for users. Since its app was launched in April, Flash.co claims to have processed over a million orders.
PeerCapital is an existing investor in Flash.co, and other existing investors such as White Venture Capital and Emphasis Ventures also participated in this funding round. The startup intends to use the capital to make strategic hires and enhance its infrastructure. It is also planning on expanding internationally by 2024, although further details were not provided.
Karthik Reddy, the managing partner at Blume Ventures, expressed excitement about partnering with Ranjith Boyanapalli and spoke highly of the value proposition offered by Flash.co. Reddy praised Boyanapalli’s ambition to develop a world-class product in India that would have a global impact.
Flash.co is focused on making the digital commerce lifecycle simpler for individuals by consolidating it into a single comprehensive mailbox. Their aim is to provide significant benefits to customers by streamlining order processing, communication with sellers, and the use of rewards programs. The startup is targeting the top 25 million power shoppers in India, who reportedly account for nearly 70% of the country’s online shopping revenue. Flash.co estimates that this number will grow to 65 million by 2030.
Ankur Pahwa, the managing partner at PeerCapital, mentioned that Flash.co stands on the brink of becoming a transformative and game-changing company. Pahwa expressed confidence in the vision and product of Flash.co, emphasizing the high quality of investors supporting the company.
Flash.co was founded by Ranjith Boyanapalli, who previously held the position of senior vice president at Flipkart, where he oversaw fintech and payments, customer experience, and marketplace segments. The startup previously raised $5.8 million in its first funding round in November 2022 from investors including Global Founders Capital, White Venture Capital, Zinal Growth, Soma Capital, Emphasis Ventures, and PeerCapital.
Boyanapalli expressed enthusiasm about the partnership with Blume Ventures and PeerCapital, describing Flash.co as a category-defining global consumer tech product. He welcomed the expertise and vision that the investors bring to the company and expressed excitement for the next phase of growth.
In addition to their funding news, Flash.co aims to simplify order processing, enhance communication with sellers, and make use of rewards programs for frequent shoppers. Readers interested in keeping up with technology and startup news can subscribe to the daily newsletter for the latest updates in their inbox.
