Online marketplace ShopClues is planning to invest a total of Rs 1 crore across four startups, who were selected recently during the companies first edition of the ‘Next Big E-preneur Challenge’, which they plan to make an annual event.
Along with the investment, these startups will also get assistance in operations, technology and strategic partnerships from ShopClues.
“We believe it is our onus to give entrepreneurship in the country a boost. All the entries we received were promising in their own way, and they made it apparent that the Indian business eco-system as a whole is moving towards a more vibrant, innovative and solution-centric future, ” Co-Founder and CEO, ShopClues, Shopclues, Sanjay Sethi said.
The startups that will receive a part of this investment includes; Ornativa, a fashion jewellery start-up; Pepper Agro, an urban gardening and agriculture venture; Glam Studio, a brand of technology and Scrapify, a start-up that aims to make scrap selling transparent and hassle-free.
Ornativa , a jewellery brand designed to become the market leader in Web based sales of unique designer fashion jewellery, accessories with a strong focus on quality, affordability and reach, is the winner of the challenge.
The winners were also awarded with ShopClues – UpGrad Entrepreneur Scholarships in association with UpGrad.
ShopClues’ Next Big e-Preneur Challenge was divided into three phases. The initial phase attracted a total of 1000 entries from 40 cities across India. A manifestation of ShopClues’ overpowering reach in tier II and tier III geographies, a majority of the entries received by ShopClues were from these areas.
Out of the initial entries, 199 were shortlisted during the second phase of the competition after an in-depth analysis of the detailed business plans shared by each participant from different segments. Each segment catered to selling unique products and introducing new e-commerce models/marketplaces, including online services, customised clothing, healthcare and financial services etc.
” The next clutch of entrepreneurs in India are really pushing the envelope of innovation and are also carefully looking at execution and profitability. I believe that challenges such as these are an ideal way to encourage fresh approach and help bolster the enthusiasm that is already present in India’s start-up world, ” Sandeep Aggarwal, Founder of ShopClues and Droom said.