Chennai-based rural e-commerce start-up Inthree Access Services has raised 28 crores in series A financing led by early-stage Indian endeavor capital company Ventureast. The round also saw participation from Orios Endeavor Partners and the Indian Angel Network’s IAN Fund.The fresh funds will be used to reinforce its innovation platform, boost its last-mile logistics, together with enhancing its presence in the 10 states where it operates.Inthree wased established by Ramachandran Ramanathan, Karthik Natarajan, and Narayanan in 2013. Operating under the trademark name of Boonbox, the start-up has an omnichannel service design. It provides access to products and services to individuals in the hinterland through its platform. The start-up claims to have actually offered more than 1.5 million products to over 1 million rural families, worth 1.5 billion in GMV.Talking about the
financial investment, Amitabh Shrivastava, handling partner, IAN Fund, stated, “India rests on a goldmine in regards to the next set of users who will be transacting online and that will make up generally in the rural areas where Web penetration is 15% and growing significantly. Inthree is completely put to make the majority of the upcoming surge in this trend as it has already established itself in the market and has an unjust first mover advantage in this space.”
Some other gamers catering to the Indian rural e-commerce include StoreKing, IndiaBuys, amongst others.Indian e-commerce market is anticipated to be worth$200 billion by the year 2026. As a growing number of rural India gets digitized, a large portion of these users will be linked to the internet, supplying a brand-new chance for e-commerce gamers to increase their market. As the city e-commerce market gets saturated, e-commerce gamers are expected to focus on these brand-new users to broaden their market share. See related video on: Power Sportz
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