GoodGudi, a lifestyle retailer that specializes in quickly moving consumer items, raised seed financing led by AC Ventures.
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A few high-net-worth individuals (HNIs), April Ventures, Kunal Shah, Aprameya Radhakrishna, and other angel investors have also contributed to the project. However, the business chose not to make the money raised public.
Anurag Gupta, Sagar Yarnalkar, and Chandan Kumar established GoodGudi in June. The e-grocery company Dailyninja was founded by Gupta and Yarnalkar and then purchased by BigBasket. The co-founder of the manufacturing and retail company Setner is Kumar.
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In order to compete with Chinese retailer Miniso, which operates more than 220 stores in India, the company, which will be offline-led, wants to open more than 40 retail locations in the next 24 months. Products will be offered in the categories of travel necessities, presents, kitchenware, office supplies, kids’ toys, home necessities, fashion accessories, and personal care.
According to Yarnalkar in an interview with ET, the company will spend the first six months setting up and running roughly seven to eight outlets, with the first three expected to be active in Bengaluru by the end of October. The company plans to totally switch to a franchise model after the 20th location.
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“The idea first came when we were discussing Miniso’s success in India, and after doing market research on their stores across the country, we saw they were making about Rs 20-25 lakh per month, on average. More importantly, the gross margins were very high, around 70%”, Yarnalkar told ET.
“As opposed to the likes of Dmart, where you operate on pricing, in the fast-moving lifestyle model you are competing on utility and aesthetics… we are going for an offline-first model because often these are impulse purchases,” he added.
According to Yarnalkar, the company’s online sales, including those from its own website, Amazon, and Flipkart, will probably account for 15 to 20% of total sales.
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About GoodGudi
An extensive selection of cosmetics, home renovation goods, travel gear, fashion accessories, and other products that enrich your living are available from the lifestyle retail brand GoodGudi. These shops are created to offer a distinctive shopping experience that satisfies your requirements and interests.
