Mumbai-based Jhakaas Technologies has raised an undisclosed amount in a pre-series A funding from a USA based investor Mr Amen Dhyllon.
Founded in 2016 by IIM-Calcutta alumnus Bharat Mandot, Jhakaas Technologies is an app-based aggregator of offline businesses. The next generation mobile app facilitates for the day-to-day needs of the consumer entailing services such as grocery shopping, restaurant hunting, on call cakes and sweet delivery, vegetable shopping, wine shops, ordering medicines from more than 300 categories.
The company wants to deploy raised fund in technological up-gradation and expansion of the network throughout India.
Bharat Mandot, Founder of Jhakaas Technologies said, “With a proper capital backing, Jhakaas can make a substantial impact on the entire retail ecosystem by adding more kirana shops and owners; we aim the unorganized market under one umbrella. As more and more merchants discover its utilities, Jhakaas is expected to grow exponentially in the near future adding a million customers in a very short span of time.”
Unlike other players in the market, Jhakaas has an innovative business model and charges a fixed fee to merchants. We are sure to succeed with a strong technological back-up which would help us enhance our quality as well as the level of service for the merchants, further Mandot added.
At present, Jhakaas has over 1,00,000 merchants, and further plans to add 5,00,000 merchants by year end March 2018. The startup competes with the likes of Justdial, Goodbox, ShopX and NowFloats and currently operating in Mumbai, New Delhi, Bangalore, Chennai, Indore, Hyderabad, Ahmadabad and Pune.
Earlier this year, the company had raised Rs 1 crore in seed funding from a clutch of investors including Mumbai-based management consultancy firm Stelcore Management Services Private Limited, Malini Patel, country manager, Bloomberg Data Services, CP Sanadhya, director at housing finance company India Shelter Finance, and Anjani Prasad, managing director at colour and specialty chemicals company Archroma India.