By Pranbihanga Borpuzari
OnlinePrasad.com, a startup that offers and delivers prasad from over 40 temples across India to devotees, says it has divested 35 percent stake in an angel funding round for an undisclosed amount to strategic investment firm GrowthStory.
GrowthStory, an investment company founded by Krishnan Ganesh and Meena Ganesh, have built and developed several fledgling companies into successful ventures. Recently, the couple sold 80 percent stake in Tutor Vista to UK-based Pearson, the world's largest education company, for a total valuation of Rs 150 crore ($213 million). The couple is currently strategic investors in six e-commerce startups - Must see India, Bookadda, Delyver, Bluestone, Big Basket and Online Prasad.com.
"The deal went through some time ago but I would not like to share the exact number," says Goonjan Mall, founder, Online Prasad. According to him, the first talks started in December of 2012 and the couple finally invested soon after. "The amount would be used on technology, team building and marketing, amongst other things. We were cash starved and it is good to have an investor on board," says Mall.
"The deal augurs well for the company. There are not too many investors who are bringing in money and also hard core knowledge. Krishnan and Meena are a few such investors who bring in a lot of experience," says Sameer Guglani, Co-Founder, The Morpheus. In August 2012, Online Prasad joined The Morpheus, a Chandigarh-based accelerator that works with startups. Morpheus infused equity capital of Rs 5 lakh in the company. Guglani says Morpheus will stay associated with the company.
According to Guglani, the new investors are involved with the company and have several other portfolio companies in the e-commerce sector which helps in terms of knowledge sharing. "There have been similar startups in the space for the last few years, but Mall picked up something very unique like ordering prasad online. It came directly from his experience. The idea seems straight forward and simple, but execution is very difficult and he has done a very good job," says Guglani.
(With inputs from Avanish Tiwary. Pranbihanga Borpuzari and Avanish Tiwary work for Entrepreneur magazine)
Published Date: Jun 24, 2013 14:31 PM | Updated Date: Dec 20, 2014 22:02 PM