Flash, a digital identity creator for frequent shoppers, has recently secured $6.7 million in a pre-Series A investment round. The funding was led Blume Ventures and existing investor PeerCapital, with participation from other backers including White Venture Capital and Emphasis Ventures.
This round of funding comes just ten months after Flash’s initial seed round, which attracted notable angel investors. Flash, founded in April 2022 former Flipkart executive Ranjith Boyanapalli, raised $5.8 million in November last year, with support from Global Founders Capital, White Venture Capital, Zinal Growth, and prominent individuals in the industry.
Flash’s platform provides a unique digital identity for shoppers, allowing for smoother order processing, improved communication with sellers, and frictionless participation in rewards programs. The company aims to engage with 25 million frequent shoppers, who generate nearly 70% of e-commerce revenue. Additionally, Flash offers users a comprehensive shopping report, highlighting spending patterns across different categories and platforms.
The recent funding will enable Flash to expand its reach, with plans to enter the US and European markets. While still in the pre-revenues stage until FY23, investors are optimistic about the company’s revenue stream in the coming years.
Although Flash does not have direct competitors, it does partially compete with reward management platforms like CashKaro and Nearbuy in terms of its reward management offerings. Despite Flash’s impressive user base, with 400K Flash.co IDs created and 5 million processed emails, data from Sensor Tower shows that the app has garnered less than 500,000 downloads on Android and App Store (iOS) since March 2023.
Overall, Flash’s success in securing funding highlights the potential of its digital identity creation platform for frequent shoppers. With plans for expansion and a unique value proposition, Flash is poised to capture a significant share of the market, benefiting both shoppers and e-commerce businesses.
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