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PosterGully, a curated marketplace for artists and designers has raised angel round from a group of angel investors. The funding would be mainly utilized in hiring, marketing, growing the authentic artist community, expanding the product mix and building a strong mobile presence.
The round was led by Natarajan Iyer, former Consultant at Egon Zehnder. Others who participated in this round were Rajesh Sawhney, Nish Bhutani, Vivek Mulchandani, Virtu Propdeal, Vikram Saxena, Mineral Enterprises Limited, Bhavika Enclave and Anuj Chowdhary.
Founded by Bharat Sethi in 2013, PosterGully enables artists, designers and anyone who holds original visual content to seamlessly contribute and merchandise unique designs in a variety of products, such as phone cases, art prints, home décor, clothing etc. to consumers globally. They produce these products on-demand ‘just in time’ through vendors across India through an API based automated process. The vision of PosterGully is to grow their authentic community to hundreds of thousands of artists who have no means to currently monetize their designs.
PosterGully gained momentum in early 2014 and is currently helping 850+ contributors to cash on their artworks. Bharat Sethi, Founder and CEO of PosterGully, is a hardcore negotiator & salesman with seven years of experience in selling online; including profitable Ebay stores while still in school. He has been integral in getting 3 million users to the unique marketplace with unusually high conversion rate & gross margins. Accelerated at GSF, PosterGully got the initial backing by industry veterans like Murugavel J, Dinesh Agarwal, Anupam Mittal, Roshan Abbas, Vijay Shekhar Sharma and Rajesh Sawhney.
Speaking on this development, Bharat Sethi said “We've created a business where we're operationally sound, cost efficient & ready to handle supply chain complexities at scale. With over 250K+ unique user sessions every month we have a conversion ratio of ~3% and a customer acquisition cost of less than $1. These sorts of metrics were only possible for us as a bootstrapped company because we had the power of direct branding, exclusivity of product line and scalability of a marketplace model. We're also excited for our mobile app launching soon which will disrupt the way we interact with creative professionals. LetsVenture team helped us reach out to investors with their large database of investors and knowledge base for angel funding”.
Nish Bhutani, COO of SaffronArt said “First and foremost, it has to be the quality of the entrepreneur. Bharat had established an early leadership position and a sound platform on the back of minimal capital. Secondly, PosterGully's business model is highly scalable with no inventory limits or stock-outs and future revenues from digital licensing make it exciting for me to be a part of this journey”. Rajesh Sawhney, Founder of GSF said "PosterGully was part of batch II of GSF Accelerator. Ever since, PosterGully has performed admirably on all accounts: business growth, acquisition of designers and customers, and business innovation. With this round of funding, they will be able to grow faster and build even bigger community of designers ".
PosterGully has Society6 and RedBubble as their international direct competitors, while in domestic market they face indirect competition from Chumbak and TouchTalent. They claim to disrupt the discovery of creative professionals through their upcoming Mobile App - Drooly.