Delhi-based venture capital firm Scale Ventures has invested in Let’s Barter – that started as a Facebook group and the app which was launched in August 2016.
Headquartered in New Delhi, Let’s Barter is spearheaded by Pooja Bhayana and Sahil Dhingra. Let’s Barter India has over 1,80,000 engaged members.
Nilesh Rathi of Rathi Group of Companies and Rahul Narvekar, ex- CEO, IndianRoots, founded Scale Ventures. Both the founders started the company with a mindset of not just funding the start-up but giving the right kind of mentorship which is far more vital at an early stage of a start up. Scale Ventures had formally signed an agreement to acquire Guerrilla Ventures.
IndianArtizans, Jaipur and Pune based e-commerceportal backed byScale Ventures had picked up majority stakes in Kolkata’s eminent designer Debarun Mukherjee.
Rahul Narvekar, Co-Founder, Scale Ventures, said, “I have known Pooja and Sahil since I have been a part of Innov8. I had attended Let’s Barter’s event in Chandigarh and realized that the venture is scalable and has potential in India. We feel that the start-up 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.”
Pooja Bhayana, Co-Founder, Let’s Barter 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 October 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. By enabling barter through technology, bartering is now just a matter of few clicks on the Android and iOS app. By simply adding a listing one can get connected to like-minded people, and garner a variety of offers. The inspiration was to create more avenues for used products rather than selling them at a low value.
Scale Ventures is sector agnostic and will be investing in over 30 early stage startups by the end of the year. The investment will be between INR 30 lakhs to INR 3.5 Cr. With this the venture firm will be launching an accelerator program in the coming time which will be a physical campus focusing on startups in the Tier2, Tier 3, Tier 4 cities.