ListUp, an app to Buy & Sell used goods, raises $500,000 in seed funding led by Kae Capital with the participation of Kunal Shah (FreeCharge, Chairman) and Sandeep Tandon (Tandon Group). Sasha Mirchandani (Founder, Kae Capital) will be joining the board with this round of Funding.
Founded by Sumit Gupta, Pulkit Gupta and Saurabh Jain, ListUp was launched in January 2016 with a vision to disrupt age-old classifieds in India. The startup is focused on P2P exchange of secondhand goods, which aims to bridge buyers & sellers using technology in a way that was never done before.
What differentiates it from other players in this space is its location-based discovery of products and social approach to classifieds. Unlike existing classifieds platforms where there is no real seller identity, all ListUp users are socially verified that leverages social connections to solve the problem of trust in the transaction.
"With our 100% MoM verified user growth and with an average active user spending around 15 mins per day on the app and active sellers spending 30 mins daily, ListUp claims to create a product that people can use to discover and sell things within their neighbourhood in the fastest possible way," the company added.
It is based on the simple idea of letting everyone buy and sell used items in an easy and efficient way through their smartphone. Centred around geographical proximity, ListUp enables people to discover interesting goods being sold in their neighbourhood, thereby minimizing the time between contacting the seller via direct chat and meeting them in person.
Sumit Gupta, Co-founder & CEO, ListUp, is excited about the opportunity ahead. “This problem particularly excites me a lot, it’s is a huge opportunity in India and there’s lot more innovation that can be done in the used goods space using technology. With the increasing smartphone adoption and our unique approach to age-old classifieds, we’re making buying & selling of used goods easier, safer and much faster”, he says.
Having a significant range of products, varying from guitars, speakers, mobiles and even drones, ListUp is synonymous to a second-hand shopping mall. In India, an average Indian hoards at least 20,000 worth of items they don’t use anymore and can turn it into real cash. Since it’s launch in Jan’ 16, No. of listings on the app are increasing by 300% MoM and interesting products worth millions of dollars have already been listed on the app.
Shubhankar, VP at Kae Capital, said, “Sumit, Pulkit & Saurabh represent an exceptional trio of scrappy entrepreneurs. What they have created at ListUp is an easy-to-use and fun way to buy and sell used-goods. In many ways, they are redefining the shopping experience for the large and rapidly growing market for used products, and we are happy to partner with them on this exciting journey.”
The firm is bringing in a mobile approach to traditional classifieds and is revolutionizing the way how people buy & sell secondhand goods. With an incredibly easy-to-use product, ListUp allows users to instantly reach out to all prospective buyers nearby and thus enabling quicker & safer transactions.
With this fresh round of funding, ListUp will be doing product enhancements such as utilising data to give personal recommendations, offline and online marketing and also creating network density in their target markets.
