Digital identity creator for frequent shoppers Flash has raised $6.7 million in a pre-Series A investment round led by Blume Ventures and existing investor PeerCapital. The round also saw participation from other existing backers including White Venture Capital and Emphasis Ventures.
The fresh proceeds have come 10 months after its seed round which saw participation of a clutch of prolific angels.
On Monday, Entrackr reached out to Flash and Blume regarding the fundraise. However, they did not comment on our specific queries.
Founded in April 2022 by former Flipkart executive Ranjith Boyanapalli, Flash scooped up $5.8 million in November last year co-led by Global Founders Capital (GFC), White Venture Capital and Zinal Growth. Binny Bansal, Kunal Shah, Sujeet Kumar and Lalit Keshre also backed the company.
Flash is creating a digital identity with a single email which lets you smoothen order processing, and communication with sellers and makes rewards programs frictionless for shoppers. It aims to engage with 25 million frequent shoppers who contribute close to 70% of e-commerce revenue.
The platform also generates a comprehensive shopping report that highlights the category and the platforms on which users have spent the maximum money and what they have ordered most. According to the company, it also intends to expand into the US and Europe.
As per Entrackr’s sources, the company is in the pre-revenues stage until FY23 but investors are bullish on its revenue stream in coming years.
While Flash probably doesn’t have a direct competition, it partially competes with reward management platforms such as CashKaro and Nearbuy among others as far as the reward management part is concerned.
As per its website, Flash has created 400K Flash.co IDs and processed 5 million emails but Sensor Tower data shows that it has less than 500,000 app downloads across Android and App Store (iOS) since March 2023.