April Ventures, Kunal Shah, Aprameya Radhakrishna, and other angel investors as well as some high net worth individuals (HNIs) have also invested in the venture.
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The startup, however, did not disclose the amount raised.
GoodGudi was founded by Anurag Gupta, Sagar Yarnalkar, and Chandan Kumar in June. Gupta and Yarnalkar were the founders of e-grocery firm Dailyninja, which was eventually acquired by BigBasket. Kumar is a co-founder of manufacturing and retail firm Setner.
The firm will be offline-led and plans to open more than 40 retail stores in the next 24 months, contending with the likes of Chinese retailer Miniso, which runs over 220 stores in India. It will sell products in categories such as travel accessories, gifting, kitchenware, stationery, kids and toys, home utility, fashion accessories, and personal care.
The firm will spend the first six months setting up and operating about seven to eight stores, with the first three set to be operational in Bengaluru, by the end of October, Yarnalkar told ET in an interaction. Beyond the 20th store, the firm intends to completely move into a franchise model.
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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.
The company will likely see about 15-20% of its sales come from online channels such as its own website, as well as the likes of Amazon and Flipkart, Yarnalkar said.
