Listup is a Mumbai based peer-to- peer company responsible for buying and selling of second-hand items through online classifieds. The app discovers nearby buyer/seller of the product that fulfills the customer’s purpose in no time.
Listup was started by Sumit Gupta, Pulkit Gupta, and Saurabh Jain in January 2016. The app challenges existing classifieds. Listup helps in location discovery to find the suitable good for the customer. It ensures the real users identity by common approach for buying and selling process. Instead of offering email and call allowance the app provides the user to chat and bargain with the seller and meeting them personally which saves much time.
Behind the App
Listup CEO and Co-Founder, Sumit Gupta says that this problem makes him excite as he finds an ample of opportunity in India. Sumit adds that an average Indian reserves goods of worth Rs. 20000 at least that is not used by them. Listup allows them to make real cash out of it. He compares the app with a second-hand shopping mall where one can window shop according to specific requirements and budget. The app offers a broad range of products from guitars, speakers to high ticket items such as vehicles and refrigerators.
According to Sumit, the app is growing at an estimated rate of 300 percent month-on-month (MOM) in product listings. Moreover, with a 100 percent MOM in their user base, Listup has made more than 10000 installs on Google play. The firm also tracked 15 minutes of time spent of by an average user while an active user spends 30 minutes on the app.
In seed round of funding, the firm raised $0.5 million with Kae Capital as the lead including Freecharge Chairman- Kunal Shah and Sandeep Tandon from Tandon Group. With this round of funding Mumbai Angels Founder, Shasha Mirchandani also will join aboard soon.
Kae Capital VP, Shubhankar Bhattacharya shares his thought which includes that the Listup app made by Sumit, Pulkit, and Saurabh, is an easy-to-use app to buy and sell used items. The team is recreating the experience of shopping for the large growing market for used goods.
Anticipated Future Aspects
The 2015 estimated worth of this second-hand buying/selling market is 1150000 million. When talking about competitors OLX and Quikr are popular classifieds in India.
Globally, top firms includes:
C2C Marketplace App– Mercari, which has become ‘Japan’s first startup unicorn’ and raised a $75 million Series D round. Carousell, a Singapore-based firm raised $6 million in series A round. Yahoo auctions and online auction and e-commerce giant eBay are some of the players in this market.
OLX ex-COO– Saurabh Pandey believes that soon the leading classifieds will obsolete in the market, and within a decade not more than 2-3 % active internet users will use them. He finds no depth beyond 4-5 cities. He believes that many things went wrong, but India has great potential as C2C and mobile first for the horizontal classified platform.
Offline and online- marketing, a personal recommendation based on utilized data, and increment in network growth in their target market will be the upcoming plans of Listup using the fresh funding. Besides Mumbai, Listup is also looking to expand their presence in other cities of India. As of now, the app is free for buyers and sellers. Soon, they will implement their revenue model. In the coming years, the firm aims to be a fast platform for people where they can find and sell products in their neighborhood.