New York City-based Nomorerack, an online shopping company, has raised $12 million in Series A financing, led by pan-Asian e-commerce company Giosis Gmarket. The company says it was formed in 2010, and bootstrapped initially.
nomorerack (http://nomorerack.com/), a leading online shopping destination for a diverse array of value products, today announced the closing of a $12 million Series A investment led by pan-Asian e-commerce leader Giosis Gmarket.
The company was founded in 2010 and is outselling major e-commerce names in the sector. This funding will allow nomorerack, which boasts an impressive 7 million visitors a month (ranking it among the top 500 most visited websites in the United States), along with 5.8 million members, to scale operations and broaden its global footprint.
“While we were approached by a number of venture capital firms, we opted to move forward with strategic investors who have deep domain experience and can add the most value to our customers, with an emphasis on helping to source more high quality-low cost products and further enhancing an already-strong customer shopping experience,” said Deepak Agarwal, Founder & Chief Executive Officer of nomorerack. “This new round of funding will enable us to continue to scale our great success, offering consumers the merchandise they want at unheard of discounts.”
Bootstrapped from the beginning, nomorerack moved to New York City six months ago and has seen a growth of 200% in the past month alone. Disrupting the way retail works by connecting manufacturers directly to consumers, nomorerack offers customers deep discounts (70-90 percent off retail) on home, fashion, electronics, kids and lifestyle items. Moving an average of 40,000 items a day, nomorerack has sold more than four million units of merchandise to date, with a record high of 180,000 items sold on Cyber Monday.
“We were excited to see a business with simply great economics bootstrapped without any outside capital,” said Ronak Khichadia, Managing Partner at 20K Industries, an investor in nomorerack. “We’re excited to join the nomorerack team in building a global brand to bring deep value to the consumers by enabling manufacturers and producers to directly access and engage customers on the fun, easy, trusted and convenient nomorerack platform.”
Ifty Ahmed, Director of Giosis Gmarket, will join the nomorerack Board. “At a time when the overall economy is fragile and families across America are looking for a good deal from a trusted name, nomorerack brings an attractive value proposition that significantly disrupts the retail market. They enhance the business model of producers and manufacturer by bringing seamless and frictionless distribution while bringing deep value and convenience in an exciting, relevant and fun shopping experience on its website and mobile app.” Giosis Gmarket is also joined by other investors who bring industry-specific and global retail expertise which will enhance opportunities for further growth.
nomorerack is the online shopping destination for quality, branded and trendy unbranded, in-demand goods at prices up to 90 percent off retail. nomorerack’s efficient business model cuts out the middlemen to allow them to deliver great products to their customers at the lowest possible prices. With 24/7 online customer service and super low prices, nomorerack.com aims to be the top shopping destination for online shoppers.