Licensed product customisation start-up, Gingercrush has recently secured pre-series A funding of $1 million led by Saha Fund in participation with Mohandas Pai's, Zia Mody (AZB Partners), Mumbai Angels, Ananda Kallugadde (NeoAngels), Rakesh Desai and Rakesh Malhotra (SAR Group) also participated in the latest round, according to Rajvi Makol, CEO of Gingercrush.
The Vadodra-based firm had also raised funding from former Infosys board member TV Mohandas Pai two months ago.With this recent round, the startup has raised about $2 million so far.
The startup in the Rs 1,500-crore Indian brand licensing industry had until 2015 raised $1 million from Gokul Jaykrishna, Joint MD, Asahi Songwon Ltd, and Brand Capital, a division of Bennett, Coleman & Co. Ltd, which publishes The Economic Times.
As per Makol, the funds raised will be spent on upgrading technology, hiring a new team, development of new product lines and acquisition of customers.
"The merchandising and product customization arena is the next big thing after mainstream retail in India. We hope to break through the barriers of competition in the road ahead,” said Saumya Nidhi, COO, Gingercrush.
Gingercrush.com has licences for more than 85 brands, including Disney, Marvel, Star Wars, Hot Wheels, Scrabble, Barbie and Fido Dido. The company offers consumers customized prints of licensed characters on t-shirts, mugs, stationery and other items.
Ankita Vashistha, Founder, Saha Fund, has joined the board of directors at Gingercrush, while Pranav Pai, from TV Mohandas Pai's family office has joined the advisory board.