Technology enabled commerce platform Inthree Access Services on Tuesday announced raising funds worth USD 4 million in a Series A funding.
With a funding round led by Ventureast, Inthree Access Services also saw participation from Orios Venture Partners and the IAN Fund.
Founded in 2013, by Ramanathan, Karthik and Narayanan, Inthree operates under the brand name Boonbox and has an omni-channel business model. Inthree is focused on the Indian rural markets and small towns, where 70 percent of the population lives.
The company will use the funds raised to strengthen its technology backbone, enhance capabilities in last mile logistics and deepen its penetration in the 10 states where it operates. Since its inception BoonboxTM has sold over 1.5 million durables over to more than 1 million households.
"We are delighted to be funded by some of the best names in the industry and plan to utilize the funds to increase scale and strengthen our backend capabilities to delight our customers," said co-founders Ramanathan, Karthik and Narayanan.
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"Boonbox (Inthree) is ushering the next wave of rural transformation by delivering branded products to the doorstep of the rural consumers. By mitigating the friction points around financing, last mile logistics, and supply chain through technology based solutions, Inthree is pioneering the shift to assisted rural e-commerce," said General Partner, Ventureast, Siddhartha Das.
"We believe that, just like in other areas like content, technology enabled commerce in India will be driven by models made for vernacular speakers. The company's growth so far, is a testament to this," said Assistant Vice President, Orios, Rohan Dedhia.
"Inthree is perfectly placed to make most of the upcoming surge in this trend as it has already established itself in the market and has an unfair first mover advantage in this space," said Managing Partner, IAN Fund, Amitabh Shrivastava.
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