Online marketplace for technology accessories, LatestOne have raised $3.5 Million from their parent owned Florintree. Mathew Cyriac, former co-head of Blackstone’s PE business in India, along with Chidambaram Palaniappan also supported the funding round.
The Hyderabad-Based startup was founded in July 2014 by Palem Srikanth Reddy. LatestOne is an e-commerce site that provides tech products and accessories to their customers. They provide tech and mobile accessories like Bluetooth devices, mobile covers, tablet accessories, cables, power banks, Android TVs, headsets, smartwatches, CCTV’s etc. Previously, in December 2015, the startup rose seed funding of $3 Million existing investors.
CEO, Mr Palem said, “This is particularly gratifying considering that funding for e-commerce companies is drying up. We are excited about the participation of Florintree in this financing round and their decision to join our Board. We believe that the support of institutional investors and the right investor mix is critical to the long-term success of the company.”
The startup is owned by Palred Technologies also know as Four Soft, in 2015. It is listed on both NSE and BSE will allot shares to investors on a preferential basis at Rs.145 per piece, diluting roughly 15% of the equity.
LatestOne claims to have over 10,000 products and operates from its fulfilment centers from Mumbai and Delhi. The startup has about 100 employees working for them and will be using the fresh funds in exploring the product, brand building, introducing B2B platform and managing market. Read more about e-commerce startup.