Hyderabad-based startup My Dream Store raises $320K in angel funding
Hyderabad-based custom merchandise provider My Dream Store has raised Rs 2 crore ($320,000) in angel funding from an unnamed city-based angel investor.
The funds will be used for developing the technology platform, marketing, as well as for customer acquisition.
The startup, which offers designers a platform to sell their products, was founded in March 2014 by Karthik Venkat. He holds a B Tech degree from Motilal Nehru National Institute of Technology. The platform allows designers and social organisations to share their ideas on it, post which the company gets the products manufactured for them. Designers can then use the platform to sell these products, in lieu of which the company charges them a base price. This includes the manufacturing cost, logistics expense and a margin from the profit.
The firm gets the products manufactured by third party manufacturing units, and it is working with a few city-based manufacturing houses for the same.
It currently has over 500 designers including social organisations selling apparels such as t-shirts, sweat shirts and hoodies, etc. Going forward, it plans to add other products such as mobile covers and photo frames on the platform.
The startup currently has 11 employees, and it plans to increase this number to 30 in six months. While the startup was in beta till recently, it plans to launch the site soon.
"Our target is to reach out to more and more designers and social organisations. We plan to rope in at least 10,000 designers in six months," Venkat told Techcircle.in.
"We are trying to make selling easy," he added.
(Edited by Joby Puthuparampil Johnson)