GoCoop raises funds from IAN, Unitus Seed Fund

Bangalore-based GoCoop Solutions and Services has received funding from India's largest angel investors network, Indian Angel Network (IAN) and seed-stage impact investor Unitus Seed Fund.

The exact amount remains undisclosed.

GoCoop Solutions works with co-operatives and community-based enterprises, providing them a marketplace to list and sell their products online. It also connects co-operatives with suppliers and wholesellers.

Amongst other services, the platform provides an online directory and a microsite with a feature enabling trade enquiries. Products can be bought or sold at the site itself.

Founded by Siva Devireddy, the company is focused on helping co-operatives with better access to technology, national and international markets, better prices, fair and efficient business dealings for their members - who are usually low-income producers across areas like agriculture, food and handicrafts.

According to Will Poole, Managing Partner of Unitus Seed Fund, GoCoop's platform can go a long way in raising the standard of living of low-income producers in rural India.

"India has over 600,000 co-operatives with more than 240 million members. These are mostly rural entities with limited local reach and are often exploited by middlemen and traders offering low prices and unfair payment terms," he says.

The current investment is part of IAN's impact initiative wherein the angel group is investing in startups in the social sphere.

IAN member Nagaraja Prakasam, who led this round, will be joining the board of GoCoop.