Cover It Up, an online merchandise startup that churns out high quality products, has raised Rs 3.5 crore in a seed funding round.
Founded in 2014, the Chennai-based company aims to touch revenue of Rs 25 crore by the next financial year, as per ET report.
The company has raised its first round of funding from angel investors namely, Sanjay Wadhwa, Manish Mardia, Madan Lal Gundecha, Vimal Jain and Nishank Sakaria.
Commenting on the development, Ronak Sarda, Cover It Up Founder, said, “The company plans to use this round of funding to strengthen operations by bringing in new and creative talents simultaneously concentrating on R&D, development of IT infrastructure, which will lead to an enhanced product portfolio. Some parts of the funds will also be earmarked towards research and development to enhance the existing product range and also create new ones.”
“We shipped about 120,000 products for the year 2019-2020, while this year we are on the path of a sale projection of 150,000 units,” said Sarda.
Over the years, Cover It Up has tied up with some leading global brands like Marvel, DC, Warner Bros, FRIENDS, Harry Potter, Star Wars, Disney and Looney Tunes to sell their merchandise. It is also the official merchandise partner for Chennai Super Kings, Kaala, Darbar, Robot 2.0 and has recently tied up with NASA.
The company has grown from being a single product offering to a brand with multiple options of customisations with phone covers, unisex T-shirts, hoodies, journals, notebooks and work-from-home products.
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