Let’s Barter India raises angel fund
CHENNAI: Let’s Barter India, a community for barter on Facebook, has raised an angel round led by Scale Ventures. They have raised an undisclosed amount from Scale Ventures and Sanjay Choudhary of Crowdinvest.
The team aims at using this funding to fuel the growth rate of Let’s Barter, reach out new markets with the app and build a strong team to spread the concept of barter, enabled by technology.
Rahul Narvekar, co-founder, Scale Ventures, said, “I had attended Let’s Barter’s event in Chandigarh and realised that the venture is scalable and has potential in India. We feel that the startup is niche but will connect with the youth of the nation as it follows the very unique module of barter. We will suggest Let’s Barter ideas to scale their business by indulging in meaningful tie-ups with e-commerce portals, restaurants and dating sites.”
Commenting on the first round of funding, Pooja Bhayana, co-founder, Let’s Barter India, said, “We are ecstatic about our association with Scale Ventures. The funds shall be utilised for scaling up across different cities of India, educating the market about tech enabled bartering and building a strong backbone team to fuel Let’s Barter. From a strategy point of view, we have so much to learn from amazing leaders like Rahul Narvekar and Nilesh Rathi.”
Let’s Barter India was formed in September 2015 as a Facebook group and the app was launched in August 2016. Headquartered in New Delhi, it is spearheaded by Pooja Bhayana and Sahil Dhingra, the two co-founders.