Social commerce app Ping has raised $3.5 million in seed funding led by Elevation Capital. The fresh capital will be utilized for platform innovation and development, strategic hiring, and for expansion across all metropolitan cities in India.
Commenting on fundraise, Vartika Bansal, Founder, Ping, said, “The maker economy in India is booming, and with the rising e-commerce penetration, a strong movement to provide, preserve, and celebrate makers and their identities are emerging. At Ping, our vision is to augment this movement through an effective, conversational community platform that directly connects farmers, makers, and producers with local residential communities.”
“We want to be at the forefront in catalyzing the growth of local entrepreneurship by empowering these business owners to reach a larger pool of new and repeat customers. On the other hand, for consumers, our goal is to provide a verified selection of authentic local businesses to purchase from whilst allowing greater transparency in transactions,” Bansal added.
Founded by Vartika Bansal in July 2020, Ping enables commerce and communication for agricultural producers, local manufacturers, and home-based business owners among the various residential communities.
Presently, Ping is operational in four metro cities, including Bengaluru, Mumbai, Gurugram, and Hyderabad. It has over 400 active residential communities on its platform and plans to add over 3,000 more.
Mukul Arora, Partner, Elevation Capital, stated, “We are seeing a very strong emergence of makers of unique products across a number of categories such as fruits and vegetables, F&B, beauty, etc. Urban consumers are also increasingly opting for such unique products over mass-produced alternatives. Ping is making it really easy for consumers to discover and buy from these makers, while enabling makers' to sell, build a brand and create and maintain a loyal customer base. We are really excited to partner with Bansal in this journey to unlock a new market.”