Inthree Access Services Pvt. Ltd, an e-commerce platform targeting India’s hinterlands, has raised $4 million in its Series A funding round.
The round was led by Ventureast and also saw participation from Orios Venture Partners and IAN Fund.
Chennai-based Inthree was founded in 2013 and operates under the brand name Boonbox. It will use the funds to strengthen its technology backbone, enhance its last-mile logistics and further cement its presence in the 10 states where it operates, the company said on Monday.
“Indian villages and small towns are home to a population of roughly 1 billion people. The rural consumer is aspirational and increasingly seeking sophisticated products and services. Inthree has always focused on providing the most appropriate products, backed by home delivery (irrespective of distance) and top class after-sales service,” the company’s co-founders, including Ramanathan Ramachandran, said in a joint statement.
Boonbox functions under an omni-channel business model and is focused on the rural markets and small towns, where 70% of the country’s population lives. Over the years, Inthree has developed the expertise and capability to build and manage the entire commerce ecosystem in rural areas using technology. Boonbox has sold over 1.5 million durables over to more than 1 million households since it was launched.
“India sits on a goldmine in terms of the next set of users who would be transacting online and that would comprise mainly in the rural areas where the internet penetration is 15% and growing exponentially. Inthree is perfectly placed to make most of the upcoming surge in this trend as it has already established itself in the market and has an unfair first mover advantage in this space,” said Amitabh Shrivastava, managing partner at IAN Fund.
Source: Mint