Gaurav Kachru, co-founder and managing partner of 5ideas Startup Superfuel, a seed-stage startup fund, has joined online shopping platform Bag It Today as it's CEO. He replaces Salil Kumar, who has moved to Bag It Today's parent India Today group. As part of his role, Kachru will be responsible for redefining and growing the business.
"India Today group is now very keen on its internet businesses, so my role at Bag It Today is to redefine the business. I will work with the team, and will assess and recommend a strategy to take it on a growth path," Kachru told Techcircle.in.
However, he will still continue to be a founder, advisor and an investor at 5ideas. "This move is basically to alter the cost structure at 5ideas. Above all, this is a very exciting opportunity since you don't get to redefine a business very often," he said.
The development was first reported by Medianama.
Founded in 2009, Bag It Today is an e-commerce platform that sells products across categories including apparels, accessories, watches, home decor, kitchen items, jewellery and other lifestyle products at huge discounts.
Kachru is an entrepreneur and early-stage investor, who co-founded & runs 5ideas along with his wife Pearl Uppal. 5ideas Startup Superfuel is a $10 million seed fund that invests a blend of financial, human and social capital to help put promising startups onto an accelerated growth path. He had previously helped found and build two e-commerce businesses in India with Pearl including Fashionandyou.com & dealsandyou.com.
Earlier, he was group executive vice president (corporate development and strategy) at Smile Group. Previously, he was regional director (Asia) at Manpower Inc. and had also spent a decade with GE across businesses.
Kachru also mentioned that 5ideas has already closed an investment in a startup and will make the announcement for the same in the coming weeks.