Business briefs 2

Its co-founder Mohammad Hasan added that with these funds, the company is looking to build more features, hire top talent, and onboard creators across tier I, II and III cities. The New Shop raises USD 500,000 funding Omni-channel retail brand The New Shop on Friday said it has raised USD 500,000 in funding from Huddle Accelerator and others.

TagMango, which provides monetisation channels for content creators, on Friday said it has raised about Rs 5.5 crore in funding from Y Combinator and others. Kevin Lin (co-founder of Twitch), XRM Media, Pioneer Fund and angel investors from the US and the UAE also participated in the seed funding round, a statement said. "The amount raised will enable the brand to build tech capabilities and expand its creator base with a keen focus on Bharat," it added.

The company has already onboarded over 3,000 organic creators in the soft launch with about 50 creators enjoying a million-plus following and 200 creators with more than 100,000 following across social media platforms. "We at TagMango are on a mission to turn their dreams into an ambitious career empowering them with content monetization tools and a platform to foster lasting communities," TagMango co-founder Divyanshu Damani said. Its co-founder Mohammad Hasan added that with these funds, the company is looking to build more features, hire top talent, and onboard creators across tier I, II and III cities.

* * * The New Shop raises USD 500,000 funding * Omni-channel retail brand The New Shop on Friday said it has raised USD 500,000 in funding from Huddle Accelerator and others. The funding, which is a mix of equity and venture debt, is backed by Huddle Accelerator with participation from Anthill Ventures, AngelList India and Lets Venture, according to a statement. Angel investors including Sameer Walia, Rohit Chanana of Sarcha Advisors, Tejinderpal Miglani, Rathin Lahiri and Rohit Raj as well as existing investors also participated in this round, it added. This is a second round of fundraise after an angel round of USD 220,000 from the Original Shark Kevin Harrington and Haresh Mehta in March 2019. Founded in March 2019 by Charak Almast, Aastha Almast and Mani Dev Gyawali, The New Shop is a chain of 24x7 retail stores with an omni-channel presence.

This capital will take The New Shop to an ARR (average recurring revenue) for USD 2 million in 12 months, a 7X increase year-on-year. The company will extend its brand portfolio with more curated and relevant products for consumers, the statement said..