Delhi-based Bluegape LifeStyle Pvt Ltd that owns and operates Bluegape.com, an online content generation starup, has raised $200,000 in a bridge round by Rudy Gopalakrishnan of Fidelity, it said in a statement.
It is looking to raise a Series A round in four months and is in talks with VC firms.
“We will use the money on technology and for expanding our engineering team,” said Sahil Baghla, co-founder, Bluegape LifeStyle.
Barclays Capital India advised Bluegape on this deal.
The company has raised this round within three months of pivoting from the merchandise business to the content space. It said there were scalability issues in the merchandise business.
Now at Bluegape anyone can make collaborative listicles with visuals, and people can add to the lists.
According to recent report of Nielson, 42 per cent time of internet users is spent on reading content and 22 per cent on social networking. The rest is spent on e-commerce and emails.
“If we can become that destination where users create and consume content and knowledge. It can be really big,” Baghla said.
The startup was founded in August 2011 by Baghla, Ayush Varshney (CTO) and Akash Rastogi (operations), who were later joined by Shailendra Singh (design). All three founders are IIT-Kanpur alumni. Prior to setting up Bluegape, Baghla worked with Orbis Biosciences while Rastogi worked with Reliance.
(Edited by Joby Puthuparampil Johnson)