Chennai-based rural e-commerce startup Inthree Access has raised $4 million in a Series A funding round led by early-stage venture capital firm Ventureast. Orios Venture Partners and the Indian Angel Network’s IAN Fund also took part in this round.
The company said it aims to use the funds to strengthen its technology backbone, enhance last-mile logistics and cement its presence in the 10 states where it operates.
Inthree was founded in 2013 by Ramachandran Ramanathan, Karthik Natarajan and Narayanan. The company operates under the brand name Boonbox and has an omni-channel business model. It provides people in the hinterland access to products and services.
The three co-founders said in the statement that rural consumers are aspirational and increasingly seeking sophisticated products and services. They added that Inthree focuses on delivering the most appropriate products to these consumers at their homes and also providing after-sales service.
VC firm Ventureast has been investing since 1997. The two-decade-old firm, which has about $325 million in assets under management, has made more than 100 investments so far. It’s previous investments include drugmaker Gland Pharma, semiconductor firm Moschip, lending startup Kissht and Little Eye Labs, the first Indian company acquired by Facebook.