Further to launching the Rocketfuel x Huddle, an accelerator program aimed at investing in and mentoring D2C startups, Shiprocket, India’s tech-enabled logistics and fulfillment platform, and Huddle, India’s accelerator and early-stage fund, have collectively received over 300 applications, resulting in a two-week extension of the last date for submission of applications. The extension comes with the announcement of RocketFuel and Huddle looking to back and invest in additional D2C startups.
The majority of the applications were received from the consumer goods (75 per cent) and e-commerce enablers (25 per cent) categories. In the consumer goods segment, food and beverages (F&B) (47 per cent) startups saw the highest number of applications, followed by fashion and apparel (21 per cent), beauty and personal care (17 per cent), and finally, home improvement (15 per cent). Marketplaces (82 per cent) came on top in the e-commerce enablers category, followed by customer analytics, gamification tools and AI-enabled e-commerce (18 per cent).
Speaking about the increase in applications and the deadline extension, Saahil Goel, Co-Founder and CEO, Shiprocket said, “Since the time we announced the launch of the Rocketfuel x Huddle program, the number of applications has been skyrocketing. Over the last few weeks, based on the response we have received, the data analysed, and the evaluations that we evident that the D2C ecosystem in the country is thriving. Our Rocketfuel x Huddle program is fully equipped/prepared to support, accelerate, invest and back innovative D2C startups. Our evaluations have reinstated our
belief in addressing both capital and non-capital pain points of the D2C startups in the country. We are pleased to see the number of applications and we look forward to choosing the best out of these to back them and enable them to grow.”
Sanil Sachar, Founding Partner, Huddle said, “The seasonal period is a time where startups are bound to witness large growth in their sales and the intent of extending our applications is to provide the ability to sustain and elevate from this seasonal growth. Additionally, with D2C brands estimated to capture the US$100bn market by 2025, the number and quality of applications have reinstated our intent to be a key stakeholder in contributing to this growth from the ground up through RocketFuel x Huddle. We have already committed our support to select startups but the launch of this co-acceleration platform is merely a beginning to back more founders across the country that are shaping an industry that has already seen US$ one billion of funding in the first two quarters of 2021.”
