GoodGudi, a fast lifestyle retail chain that will specialise in household and consumer goods, has raised seed money from a clutch of investors. The round was led by AC Ventures while April Ventures, Capinity Partners, HNIs and angels including Kunal Shah and Aprameya Radhakrishna also participated.
While the company didn’t disclose the raised amount, sources indicate that the size of the round is anywhere between $800k to $1 million.
Founded by Anurag Gupta and Sagar Yarnalkar along with Chandan Kumar, Goodgudi plans to set up more than 40 retail stores in the next 24 months. When it comes to brand positioning Goodgudi appears to be close to Japanese retail giant Miniso.
According to the company, its offerings will be focused on utility and deal in categories such as home, travel accessories, gifting, fashion accessories, personal care, kitchenware, stationery, kids, and toys among others.
Gupta and Yarnalkar were the founders of e-grocery startup Dailyninja which was acquired by the Tata-owned grocery unicorn BigBasket in early 2020.
“We want to test the Bengaluru market first and will open 7-8 stores in the next 12 months. Our differentiation lies in the frequent introduction of new designs and product ranges with something fresh and exciting hitting the shelves every 30 days. This approach aims to create an engaging and dynamic shopping experience for customers,” said Chandan Kumar in an interaction with Entrackr.
Fast lifestyle retail has seen significant success worldwide, with major players like Miniso, Daiso, Mumuso, and Ximivogue all operating profitable businesses. Miniso, which has ventured into the Indian market, currently caters to more than 250 stores in the country. With Goodgudi, Gupta and Yarnalkar are getting into offline play which they learned while building Dailyninja. It would be exciting to watch how they perform as second term entrepreneurs.
