Ranjith Boyanapalli, the former senior vice president at Flipkart, has successfully raised $6.7 million in a Pre-Series A funding round for his startup, Flash. The funding round was spearheaded by Blume Ventures and also saw participation from the existing investor, PeerCapital.
In this funding round, White Venture Capital and Emphasis Ventures, among other existing investors, also joined in to participate.
Established in 2022 by Ranjith Boyanapalli, Flash is dedicated to improving the post-shopping experience for frequent shoppers.
Designed for avid shoppers, Flash unveiled its app in April 2023 and boasts an impressive track record, having processed more than 8 million emails. Users have already placed over 1 million orders across a diverse range of 1,000+ brands, all using their unique Flash.co email IDs.
Flash offers users the convenience of importing orders from various Gmail accounts directly into the Flash.co app. By utilizing an @flash.co email address, users can seamlessly continue their online shopping without the hassle of sorting through numerous promotional emails cluttering their inbox.
Moreover, Flash incentivizes users to order more by offering segment-specific and brand-specific “streaks” that users can accomplish to earn cashback rewards.
“From processing our very first email to crossing the 8 Mn mark in five months is a testament to the trust and support of our users,” Ranjith Boyanapalli, CEO and Founder of Flash said.
In India, there are presently 25 million power shoppers, accounting for a substantial 70% of online shopping revenue, as reported by the startup. This figure is projected to surge to 65 million by the year 2030.
Power shoppers are individuals characterized by their high-frequency and wide-ranging usage, already engaging in 100-150 shopping transactions annually across more than 20 platforms. These shoppers often face challenges like dealing with spam, tracking orders, and a lack of incentives. Flash seeks to address these issues by delivering solutions such as effortless order tracking, a spam-free inbox, valuable spending insights, and personalized rewards tailored to each shopper’s distinct preferences.
The Bengaluru-based startup has set its sights on leveraging the recent funding infusion for strategic hires and infrastructure enhancements. With these resources in hand, the company is poised to accelerate its presence in India and embark on international expansion, targeting a rollout by early 2024.
Last year, the Bengaluru-based startup Flash raised $5.8 million in a seed funding round led by Global Founders Capital (GFC). Including the current round, the startup has now accumulated $12.5 million in funding. Notable investors in Flash include Venture Capital, PeerCapital, Emphasis Ventures, Soma Capital, Zinal Growth, along with individuals like Binny Bansal, Kunal Shah, and Sujeet Kumar.
As per a report from WPP’s GroupM and Wunderman Thompson, India is on track to reach a staggering 350 million e-commerce users by the year 2025. This marks a 2.5-fold increase from the 150 million digital consumers counted in India in 2020.
Moreover, the report forecasts that India’s e-commerce user base will continue its rapid growth, maintaining a compound annual growth rate (CAGR) of 23%. This trajectory is expected to culminate in an astonishing 500 million users by the year 2030.
