Exclusive: Allschoolstuff Raises Seed Funding From Angels Investors Consortium, Others
Allschoolstuff, a four-month-old online retail store offering branded school products, has raised a little less than $1 million in seed funding from Delhi-based Angels Investors Consortium (AIC) and some private investors.
AIC funds startups with the intent of preparing them for series A funding.
The capital raised will be used to ensure organic growth as Allschoolstuff plans to scale up infrastructure, build team and improve the supply chain.
Manoj Chandra, founder and CEO of the company, said, "Right now, we are at an early stage of development. This investment will take us to the next growth stage by fulfilling all the key matrices."
The company also intends to foray into newer categories in the K-12 segment and offer a plethora of products like school uniforms, school shoes and school furniture, as well as early-learning and advanced robotics products in the next one month.
The firm operates its own warehouse and supply chain system, and has also joined hands with several logistics partners for speedy deliveries.
Currently, it has more than 25,000 SKUs including text books, stationery supplies, art and craft materials, school bags, water bottles, music instruments, science projects, exam guides, fancy dress costumes and science kits. Pre-School products such as educational toys, activity sets, flash cards and picture books, puzzles, shapes and abacus are also available on the site. The e-tailer also offers movie merchandise for kids, categorised as per age, class, subject or activity.
The company, which claims to be growing at 3x on a month-on-month basis, aims to achieve 1,000 orders a day. Right now, it gets about 50 orders a day with an average transaction of Rs 1,000.
"The K-12 segment is a $10 billion market in India and hence, there is a lot of scope to scale up. Interestingly, we have observed that more than 30 per cent of our orders are repeat purchase," said Chandra. Allschoolstuff is also focusing on the social media strategy to grow its business.