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Let’s Barter India, a community for barter on Facebook, has raised an undisclosed amount of angel funding from Scale Ventures, Sanjay
Delhi-based venture-capital company Scale Ventures, which invests primarily in early-in-revenue technology start-ups, on Monday announced its investment in Let’s Barter India, a social media-driven community for bartering, for an undisclosed amount.
Let’s Barter was started as a Facebook group, and later an app was launched in August 2016 to make online customer-to-customer (C2C) transactions smooth.
Headquartered in New Delhi, the firm provides a platform for barter of used products among its over-1,80,000 engaged members across the world.
The company enables bartering through technology on Android and iOS apps.
“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,” the company said.
C2C exchanges The company aims to become a platform for C2C exchanges and used goods and promote bartering of services.
The strategy is to increase the digital-media outreach through Facebook, Instagram and Twitter, and to tap into the already growing and active Facebook community.
The company mainly taps those individuals who would want to barter servives and old goods. It is more popular among youth between 18-25 years of age, who may not be flush with cash, but have continuous needs and wants.
Rahul Narvekar, co-founder, Scale Ventures, said: “I realised the venture is scalable and has potential in India.
“We feel this start-up is niche, but will connect with the youth of the nation as it follows the very unique model of bartering. 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.”
Narvekar, along with his partner Nilesh Rathi of Rathi Group of Companies, founded Scale Ventures to provide mentorship to early-stage start-ups.
Pooja Bhayana, co-founder, Let’s Barter, said: “The funds will be utilised for scaling up across India, educating the market about tech-enabled bartering and building a strong backbone team to fuel Let’s Barter.”
Bhayana has Sahil Dhingra as her partner in the venture.
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