PaisaWapas raises undisclosed round of angel funding

PUNE: PaisaWapas.com, an ecommerce deals platform aimed primarily at students has raised an undisclosed amount of angel funding from Vividhity Ventures, a group of IIT BHU alumni and senior Infosys and Dell executives.

Shankar Kotuli, CEO, Paisawapas said that this was the first round of external funding that the venture has raised. Paisawapas aggregates deals from other ecommerce platforms that are relevant for students and offers cash backs and discounts on these.

Kotuli said, "We have been profitable so far, but now as we expand that might take a hit. We've been bootstrapped so far and the funds have secured us a runway for one year."

In addition to providing cashbacks and deals specific to students, the website also carries student success stories in different fields like music etc. Going ahead, Kotuli said that the company would look at partnering with other firms for online education options.

Set up in April 2015, Paisawapas claims to have two lakh monthly visitors and said it generates Rs 1cr in sales every month for partner websites.

The company has about 70,000 students registered on the platfrom from colleges like IIT-Roorkee, IIT-Kharagpur, IIT-Delhi, Manipal University, Amity, LPU, NIT Jalandhar and Delhi University among others. Kotuli graduated from IIT Roorkee in 2011worked at Vedantu as Head of Technology prior to starting PaisaWapas.com.