Bangalore-based Mouse eRetail Pvt Ltd, which has launched a horizontal e-com venture called Mouse-e five months ago, has raised an angel round of Rs 1 crore from unnamed investor(s). The startup is also targeting VC investment of around $5 million within the next three months, according to Business Standard.
Mouse-e deals in a wide range of product categories such as books (educational), personal communication gadgets, home entertainment systems, computers, sarees, personal care items and even baby care products. The company has tied up with FedEx for logistics. The e-tailer has also tied up with Xygle, a mobile solution which enables one to shop and pay by scanning a QR code (Quick Response code) tagged to a specific item. Xygle is a product of Y-Cash Software Solutions Pvt Ltd â€“ a wholly owned subsidiary of eMudhra Consumer Services Ltd.
Mouse-e will use the funds raised for expansion into newer geographies and to begin with, the firm expects to cover the top 130 cities across India.
But isn't it too late in the day to come up with a new horizontal e-com venture?
The founders don't seem to think so. According to its co-founder and CEO Suvendu Tripathy, Mouse-e intends to reach out to buyers in tier II and tier III cities and even in the hinterlands although it is initially starting off with the metros.
Mouse-e was formed in December 2011 by three guys from Orissa â€“ Suvendu Tripathy, Tapan Kumar Das and Chitta Ranjan. An MBA from the Berhampur University, Tripathy has 16 years of experience in marketing research & analysis across the corporate sector and has worked for companies like Blackstone Market Facts India Pvt Ltd, GE Capital International Services and Infosys BPO Ltd before setting up Mouse-e.
Whether this venture can survive would be clear in the next few months if it manages to raise the next round of funding for expansion. We have noticed that Mouse-e uses the tagline: Khareedo wohi jo zaroori (Buy only what is necessary). But aren't retailers and e-tailers banking on impulse buying. What do you think?