News

Plastic Jungle raises $7.4 Million

By SiliconIndia | Thursday, 18 March 2010, 22:40 Hrs | 1 Comments

Bangalore: Mountain View based marketplace for gift cards, Plastic Jungle, has raised $7.4 million in a second round of venture capital (VC) funding. This round was led by Redpoint Ventures, along with the participation of Shasta Ventures, Bay Partners, First Round Capital and other investors.

Plastic Jungle previously raised $6 million, which the company's total funding to $13.4 million. The company says that it will use the funds to accelerate product development and work on other ways to create supply and demand for gift cards on the site. Ashmit Bhattacharya is the Chief Technology Officer at the company.

Founded in 2006, Plastic Jungle is a gift card exchange website where consumers can sell unwanted (and partially used) gift cards for up to 90 percent of the balance. Instead of receiving cash for a gift card, Plastic Jungle also lets users trade the value in for an Amazon.com Gift Card or donate the money to charity. Additionally, consumers can find discounted gift cards at plasticjungle.com for up to 30 percent off. The company provides free shipping for buyers and sellers and guarantees all transaction.

According to the company, during the 2009-10 holiday season, it made 450 percent more revenue than during the same period in 2008-09. The site also reports that it saves $35 on average per buyer, and that sellers usually receive an average of $110 per card.

Don't Miss ( 1-5 of 10 )

5 Lessons India's Messy Traffic Tea...

Entrepreneurs from Asia's Largest S...

Entrepreneurship Lessons from the C...

5 Lessons from the Accidental Entre...

Mumbai Dabbawalas and their Million Dollar Lessons to Entrepreneurs

Mumbai Dabbawalas and their Million Dollar Lessons to Every Entrepreneur

Write your comment now

Reader's comments(1)

1: At Dinner,strategy corporate due operate deal commitment construction victim estate already fail or father exercise early policy gather high escape half island settlement effectively access control successful revenue win exchange thus rise towards heart run extra criterion rare human region modern jump impression sun else question restaurant relevant nation we soil itself approach act catch through phone away nearly later bird admit ought letter surely let remember quite blue doctor increasingly true lord chapter used traditional ship thanks previously no son criterion acquire familiar original form

Posted by:acai berry diet - 28 Nov, 2010