Digital identity creator Flash raised $6.7 M Pre-series A funding from Blume, PeerCapital
Creating a digital identity for devoted consumers Pre-Series A investment round for Flash has raised $6.7 million, led by Blume Ventures and existing investor PeerCapital. Other current backers who participated in the round included White Venture Capital and Emphasis Ventures.
Ten months after its seed round, in which a number of active angel investors participated, the company received new proceeds.
Entrackr contacted Flash and Blume about the fundraiser on Monday. They did not, however, respond to our specific questions.
Ranjith Boyanapalli, a former Flipkart executive who founded the company in April 2022, raised $5.8 million in November of last year from a group of investors that included Global Founders Capital (GFC), White Venture Capital, and Zinal Growth. Additionally supporting the business were Binny Bansal, Kunal Shah, Sujeet Kumar, and Lalit Keshre.
By establishing a digital identity with just one email address, Flash enables frictionless order processing, seller communication, and rewards programs for customers. It aims to interact with the 25 million regular buyers who account for nearly 70% of e-commerce sales.
The system also generates a thorough shopping report that lists the platforms and product categories where users have spent the most money and placed the most orders. The company claims that it also plans to grow in the US and Europe.
While CashKaro, Nearbuy, and other reward management platforms are not directly Flash’s competitors, the reward management portion of Flash does compete with them.
On its website, Flash claims to have generated 400K Flash.co IDs and processed 5 million emails, but according to Sensor Tower data, it has only received less than 500,000 app downloads since March 2023 for iOS and Android.
