Bengaluru based online marketplace for energy and environment related products, solutions & services, Glowship.com has raised funding from IIM Ahmedabad’s technology business incubator CIIE backed Infuse Ventures and some unnamed investors from the clean energy sector. The financial details of the deal remained undisclosed. The funds will be used to enhance its technology infrastructure and expand its team to foray into different markets. Founded this year by Srinivas Potukuchi, Glowship is an eCommerce startup that aims to provide consumers access to products and solutions in energy and environment categories while simplifying and assuring the purchase through its customized platform. “A residential homeowner has multiple needs ranging from heating, pumping, back-up power, home automation, energy management and potentially even energy generation, given the falling costs of solar energy. While there is a plethora of options available, there is friction in the current buying experience”, as said by Srinivas. IIM Ahemdabad’ s CIIE backed fund, Infuse Ventures, has been investing actively in the cleantech sector in companies including energy management startup Ecolibrium Energy, Geothermal HVAC focused startup GIBSS, thermal energy storage startup Tessol, renewable energy services startup REConnect and solar-pumping startup SuryaPowerMagic. Recently in June, New Delhi based reCommerce technologies and electronics buy back services provider, Karma Recycling received an undisclosed amount of Series A funding from Infuse Ventures and Low Carbon Enterprise Fund.
Source: Business-StandardInfuse Ventures, Others Invest In eCommerce Portal Glowship.com
Industry: Media 2015-11-26
