ListUp a Mumbai based P2P based marketplace has raised $500k in its seed round of funding led by Kae Capital, along with Sandeep Tandon and Kunal Shah CEO of Freecharge. Sae Mirchandani of Kae Capital will join the board with this round.
The funds will be used to build technology which will help to connect the buyers and sellers with a personalized feed using data, to create network density and product enhancement in the target market.
ListUp was founded in January 2016 by Sumit Gupta, Saurabh Jain and Pulkit Gupta. It aims to disrupt age old classifieds in India. It focuses on P2P exchange of second hand goods which will aim to bridge sellers and buyers using a location based discovery of products and social approach to classified.
It allows the users to look for goods being sold in their neighbourhood by minimizing the time to contact the seller by meeting them in person and direct chat. The users on ListUp are socially verified by adding a trust factor in transactions.
The app was launched on 28th February and ListUp claims to have active users spending around 15 minutes per day & active sellers around 30 minutes a day on the app. In terms of product listing it witnessed 300% MoM growth. The services are available for free for both sellers and buyers.
Sumit Gupta, Co-founder & CEO of ListUp said
“This problem particularly excites me a lot, it’s is a huge opportunity in India and there’s lot more innovation that can be done in the used goods space using technology. With the increasing smartphone adoption and our unique approach to age-old classifieds, we’re making buying & selling of used goods easier, safer and much faster.”
Shubhankar Bhattacharya, VP at Kae Capital, stated,
“Sumit, Pulkit & Saurabh represent an exceptional trio of scrappy entrepreneurs. What they have created at ListUp is an easy-to-use and fun way to buy and sell used-goods. In many ways, they are redefining the shopping experience for the large and rapidly growing market for used products, and we are happy to partner with them on this exciting journey.”
Its competitors include Quikr and Olx. Amazon also launched its online marketplace Junglee, enabling the users to sell used goods.