Boundless Brands, an ecommerce enabler, has received $2.5 million in seed funding from a group of angel investors in the United States and India.
The startup intends to allocate $1 million towards constructing its ecommerce platform, $500K towards developing beverage products, and the remaining $1 million towards marketing, sales partnerships, and social media.
In addition, Boundless Brands aims to bring over 1,000 third-party F&B brands onto its platform within the next two years.
Boundless Brands was established in 2023 by Sandeep Agarwal, the Founder of Droom and ShopClues, and Nagendra Shukla, a veteran of Silicon Valley. It is a comprehensive ecommerce platform that provides technology, cataloging, digital marketing, payment, fulfillment, and customer support services to food and beverage (F&B) brands.
According to the startup, it aims to introduce several beverage products targeting the millennial and GenZ demographics in India, who constitute more than 50% of the $100 billion F&B market in the country.
Nagendra Shukla, Cofounder and CEO of Boundless Brands, said, “We are not only building our portfolio of beverages but also offering a full-stack e-commerce platform and managed services for the F&B industry. Building this company with Sandeep as founding mentor will help us to tap into his impeccable track record in e-commerce and marketplaces.”
Prior to Co-founding Boundless Brands, Nagendra had a 23-year stint in Silicon Valley where he was a two-time Entrepreneur and held leadership positions in technology at Sephora, HP, Intuit, and McAfee. At Boundless, Nagendra will lead the brand and marketing strategy and collaborate with the team to identify suitable partners for manufacturing, flavor development, logistics, and fulfillment.
Meanwhile, Sandeep Agarwal will be responsible for driving the company’s strategy and providing mentorship to the team, without holding any executive position within the organization.
“Boundless is a platform play with an ecosystem of services around it and it will allow 3rd party brands in F&B to focus on their core competencies of product or brand building and let Boundless handle the e-commerce value chain,” Sandeep Aggarwal said.
The startup is currently headquartered in Gurugram and has 18 employees working on its operations.
In the past year, GoKwik, an ecommerce enabler startup, secured $35 million in funding, while Tiger Global made its first seed fund investment in Shopflo. Additionally, CommerceIQ, another startup, raised $115 million, reaching a unicorn valuation last year.
According to a report by IBEF, India’s ecommerce market was estimated to be worth $46.2 billion in 2020. The sector is projected to reach a value of $350 billion by 2030.