CoutLoot is a Mumbai – based end-to-end fashion re-commerce platform. It has been chosen for FbStart’s startup accelerator program. Through the program, it will receive U.S. $40,000 through investments along with mentorship from FbStart. FbStart was launched last year (2015) and helps founders develop their startups by leveraging valuable tools and services, worldwide events and opportunities to engage with the Facebook team. FbStart would mentor CoutLoot through its Menlo Park – headquartered engineering teams. “FbStart’s program will be an immense boost to us at this phase of our evolution. Receiving mentorship from the pioneer of social networking will bring a huge opportunity for us to lead the fashion re-commerce revolution in India within the next couple of years”, said Jasmeet Thind, Co-founder of CoutLoot. CoutLoot will also get a chance to meet the exclusive community of Facebook’s developers at worldwide events. India is the second largest market for FbStart outside the U.S. Read more on Facebook
India is a country which has abundance of talent in all domains and a bubbling startup ecosystem. There are many innovative startups in India which provide essential services to the society. If they are funded and mentored properly, they can grow to become MNCs and make India proud by providing best – in – class and essential services to the world. They have plenty of scope to grow, innovate and establish themselves. Re – Commerce is a relatively new and untapped domain in India. Re – Commerce is where a person re – sells a bought product online if one is not satisfied with it, for a lower price than what one bought it for. As the proverb goes, ‘One man’s trash is another man’s treasure’. Many people in India are fond of buying fashionable clothes. If one person doesn’t like the set of clothes that he or she bought, he or she can always re – sell that set of clothes in an online platform so that any other person looking for exactly the same sizes or any other person who finds them fashionable can buy them at a cheaper rate. This will create a win – win situation for both the buyer and the seller as the buyer gets to buy the clothes at a cheaper price and the seller gets some money for selling the set of clothes where he or she would not get any money if he or she was to dispose of them. This is truly a useful service provided by the re – commerce startup CoutLoot. It is heartening to see an American tech giant like FbStart, funding and mentoring an Indian startup. The government of India should promote more foreign investments in innovative Indian startups like CoutLoot. Read more on Startup News
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