Looking to clean your house, catch great deals, or simply connect with local buyers & sellers? There are many platforms offering buying & selling services, including Craigslist, eBay, Poshmark, Amazon, and many more. Offer up is most suited platform to buy and sell in the C2C marketplace.
Well, what if we say that one such amazing platform offering similar services is Offerup? Yes, this is the ideal platform for buying and selling especially if you are targeting C2C.. The platform makes local transactions easier through its user-friendly interface and secure transaction process. No matter whether you want to sell used furniture or buy something unique, this platform connects you with people near your community, ensuring hassle-free communication.
Therefore, today, in this guide, we’ll discuss relevant details about this platform, and also how it helps in making the most of local buying & selling. So, keep scrolling through the guide!
Unlock The Potential ofOfferup Buying and Selling
Founded by Nick Huzar in 2011 as a competitor to Craigslist, Offerup is an online mobile-first C2C marketplace with an emphasis on in-person transactions. In other words, this website offers a mobile and online marketplace platform for individuals to purchase and sell electronics, furniture, and vehicles.
Further, it allows users to sell items in a Facebook-like marketplace to friends, followers, people nearby, like-minded people, moms groups, and Craigslist using phones or tablets, view local items with new postings every day; and chat with buyers and sellers.
Moreover, in 2015, the platform was honored as one of the Hottest Startups by Forbes, and since then, it has become a prime marketplace for users to buy and sell items. Based out of Bellevue, Washington, this platform is already being utilized in several major cities across the United States, with further plans to extend its usage to other parts of the world.
Highlighting the Key Aspects of Facebook-like Marketplace
Since its establishment in 2011, the company has caught the attention of a wide audience and has seen a great rise in its turnover. This is purely the result of the hard work, commitment, and dedication of its employees. Below are some facts & figures discussing the evolution of the platform since its establishment.
The website’s average daily time spent per user in the United States went up from 12 minutes a day in November 2014 to 25 minutes in June 2015, equal to Instagram and Snapchat, yet more than Twitter and Pinterest.
It reported 33 million users as of October 2017 and more than doubled its transactions from $2.9 billion in 2015 to over $14 billion in 2016.
Employee numbers at the company are also increasing and have been from 11 employees in 2015, then 67 the same year, and 218 employees as of January 2018.
The Offerup app has been downloaded approximately 90 million times as of June 2021. The company had 20 million monthly active users and 260 employees as of September 2021, according to reports.
The Funding Management of the Platform
Offerup has by far raised more than $221 million in total funding, after raising $130 million in a series of funding in 2016. Among them are many investors, including Andreessen Horowitz, Warburg Pincus, GGV Capital, Altimeter Capital, Jackson Square Ventures, Allen & Company, Tiger Global Management, T. Rowe Price, Quixotic Ventures, Alliance of Angels, Third Kind Venture Capital, Vy Capital, Coatue Management and Max Levchin; angel investors Serena Glover, Andrew Wright, and Rudy Gadre. The firm also raised another $120 million through the acquisition of Letgo in March 2020. The total funding raised as of December 2022 stands at $381 million.
The USPs of Offerup
The platform brings together local people for buying and selling purposes. Similar to other platforms, this website also has its selling points due to which it has been widely recognized by users around the world. With this, we’ve listed some key aspects of the platform.
Whether iOS, Android, or Web, this platform allows users to access the website as they want.
The website features large collection of photos of products for sale via a scroll interface.
The platform also optimizes the products for sale according to the nearest geo-location of the users, thus enabling face-to-face interactions.
The website offers a “Bump” feature, allowing users to move their product directly to the top of the queue for increased visibility.
Transactions are safer using the website’s in-house payment option.
It offers an in-app messaging feature for direct contact between the buyer and seller.
Awards and Recognition
Over the years, many awards have been achieved by Offerup. These awards are a reflection of their dedication, commitment, and hard work. Some of the major achievements of the platform are listed below.
In 2019, the Eastside Business of the Year award was received.
The CEO of 425 Business was named CEO of the Year in 2017.
In 2017, the Seattle Business Tech Impact Gold Award was won in the Consumer category.
The Geekwire App of the Year Award was received in 2016.
Seattle Business Tech Impact Silver Award (Consumer/Retail) was received in 2016.
Seattle Business ranks the top 100 best companies to work for in 2016.
2015 Finalist for Geekwire’s Start of the Year Award.
Last But Not The Least
In this guide, we’ve provided information about Offerup, which is a platform where users can buy or sell various items. Alongside this, we’ve also discussed its growth, funding management, and achievements. Further, we’ve also shed light on some of the key features of the platform. Cherry on the top – this platform can be accessed on iOS, Android, and Web, and it depends on you, how and when you use the platform. Of course, if the platform is accessible on mobile phones, it also has an app, which can easily be downloaded from the Play Store.
Lastly, users who have read the guide to the last, we hope you found this guide helpful and now you will be able to buy or sell items easily!
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Startup India
The entrepreneurial scenario in India has changed over the last decade. The Indian government is supporting innovation through its Startup India initiative, creating employment opportunities and accelerating economic growth. In this blog, let's discuss Startup India, including its objectives, benefits, and eligibility criteria; also, know how to get a startup registered under this initiative.
What is Startups ?
A startup is the early stage of a company that is formed to develop a unique product or service, introduce it into the market, and scale it to make substantial revenues. Startups are an important part of innovation, job creation, and diversification in the economy. In India, startups play a critical role in driving technology adoption and solving complex challenges in areas such as healthcare, education, and financial inclusion.
Characteristics of a Startup
Innovation: Key concentration in developing new products, services, or processes.
Scalability: Ability to grow rapidly with low incremental costs.
Disruption: Challenge traditional business models or industries.
Importance of Startups in India
Job Creation: Startups are significant employment generators.
Economic Growth: Contribute to GDP by introducing new industries.
Technological Advancement: Drive innovation and technology adoption.
What is the Startup India Initiative?
Startup India is one of the flagship initiatives of the Government of India, launched on January 16, 2016. It aims to build a robust ecosystem that nurtures innovation and startups across the country. The idea is to give an impetus to economic growth and employment generation in a substantial way. Startup India seeks to encourage entrepreneurship by giving a boost to innovation and design, thus leading to the growth and success of the startup ecosystem.
Standup India Scheme Standup India scheme was announced on April 5, 2016, to finance new enterprises, to boost the entrepreneurship culture in India. The program ensures the availability of loans through the Scheduled Commercial Banks (SCBs), between ₹10 lakh and ₹1 crore to at least one member of the Scheduled Caste (SC) and Scheduled Tribe (ST), and at least one woman, per bank branch. The support in this new scheme is granted to businesses in the trading, services, or manufacturing sectors. This will supposedly help about 250,000 borrowers.
Key Objectives of Startup India
Making Business Easier: Simple rules, compliance, and legal steps.
Financial Help: Provide access to government funds and venture capital.
Building Skills: Offer training and mentorship programs.
Encouraging Innovation: Support research and development with grants.
Features of Startup India
Startup India Hub: This is a place where startups can connect with investors and mentors.
Fund of Funds for Startups (FFS): This is a ₹10,000 crore fund managed by the Small Industries Development Bank of India (SIDBI).
Tax Benefits: Eligible startups can get exemptions from income tax and capital gains tax.
Startup Recognition: Startups can receive official recognition from the Department for Promotion of Industry and Internal Trade (DPIIT).
The Startup India scheme eligibility criteria
If you want to get funding through the Start-up India scheme, you need to meet certain eligibility requirements. Knowing these requirements well will help you successfully go through the application process.
Business Experience: Start-ups applying for this scheme must have been operating for more than five years.
Age Requirement: Applicants must be at least 18 years old.
Company Structure: To get funds under this scheme, the company must be either a partnership or a private limited company.
Turnover Limit: The company should have an annual turnover of no more than Rs. 25 crore.
No Reconstruction: Start-ups that have emerged from the splitting or restructuring of an existing business are not eligible for this scheme. Companies that have divided an organization into two or more parts will be disqualified.
If a company is developing a new product or service, it can benefit from the Start-up India policy.
Here are the requirements:
The start-up must create, utilize, or sell a product or service that is based on new technology or intellectual property.
The focus should be on enhancing an existing product or developing a new one that adds value for customers or improves workflow.
The start-up must not engage in projects that are not unique or do not provide value to customers or enhance workflow.
To get a Startup India loan, start-ups must secure various approvals and submit specific documents:
Obtain approval from the Inter-Ministerial Board under the Department of Industrial Policy and Promotion (DIPP).
Acquire a recommendation from an incubator affiliated with a recognized post-graduate college.
Secure a recommendation from a government-recognized incubator.
File a patent for your product or service and have it published in the Indian Patent Office Journals.
If your services involve funding and equity, register with the Securities and Exchange Board of India (SEBI).
Provide a funding letter from any state or central government scheme that supports innovation.
How to Register Under Startup Under Startup India Scheme?
Step 1: Start Your Business
The first step in starting your business is to choose a legal structure, such as a Private Limited Company, Partnership, or Limited Liability Partnership (LLP). You will need to complete the standard registration process, which involves submitting an application and obtaining a Certificate of Incorporation or Partnership registration.
Step 2: Register with Startup India
Once you have created your business, the next step is to register it as a startup. This process is straightforward and can be completed online. First, visit the Startup India website and click the 'Register' button. Enter your name, email address, and mobile number, then create a password and click 'Register.' You will receive a One-Time Password (OTP) in your email. Enter this OTP and provide additional information, such as your user type, business name, and the stage of your startup. Finally, click 'Submit' to create your Startup India profile. Completing this registration will help your business be recognized as a startup under the Startup India scheme, granting you access to various benefits and support.
Step 3: Obtain DPIIT Recognition
After creating your profile on the Startup India website, the next step is obtaining recognition from the Department for Promotion of Industry and Internal Trade (DPIIT). This recognition provides benefits such as quality intellectual property services, relaxed public procurement rules, self-certification for labour and environmental laws, simplified winding-up procedures, access to the Fund of Funds, and tax exemptions for three years.
Step 4: Submit the Documents for Registration
To complete the registration process and obtain DPIIT recognition for your startup, please submit the following documents:
1. The incorporation or registration certificate of your startup.
2. Proof of funding, if applicable.
3. An authorization letter from the company's authorized representative
4. Evidence of your concept, such as a website link, pitch deck, or video (this applies to startups at the validation, early traction, or scaling stage).
5. Information regarding any patents and trademarks you hold.
6. A list of any awards or certificates of recognition you have received.
7. Your Permanent Account Number (PAN).
Step 5: Self-Certification of Eligibility Conditions
You need to confirm that your business meets the following conditions:
1. Your business must be a Private Limited Company, Limited Liability Partnership (LLP), or partnership firm.
2. Your business has been registered in India for no more than five years.
3. Your company's turnover does not exceed ₹100 crore.
4. Your company is consistently innovating or improving existing systems.
5. Your business is based on an original idea, rather than a split or reorganization of an existing business.
Step 6: Obtain Your Recognition Number
When applying for registration, you will receive your recognition number immediately. The authority will send you the certificate of registration or incorporation after reviewing your uploaded documents. Ensure that you upload accurate information to avoid errors, as mistakes can lead to fines of up to 50% of your paid-up capital or a minimum of Rs. 25,000. By fulfilling the eligibility and registration requirements, your company can participate in the Startup India scheme and enjoy various benefits provided by the government.
Wrapping Up
The Startup India initiative has revolutionized the entrepreneurial landscape in India by offering financial, regulatory, and infrastructural support. If you’re an entrepreneur with an innovative idea, registering under this program can unlock numerous opportunities for growth and success. Begin your startup journey today and contribute to India’s transformation into a global hub for innovation.
FAQ’s
Q1. What is the aim of the Startup India initiative?
Ans: Startup India aims to promote entrepreneurship, support innovation, and create a robust startup ecosystem in India.
Q2. How long does it take to register under Startup India?
Ans: The registration process typically takes 2–3 weeks, depending on document verification.
Q3. Are there any fees for registering under Startup India?
Ans: No, the registration process under the Startup India initiative is free of cost.
Q4. Can a sole proprietorship register under Startup India?
Ans: No, only Private Limited Companies, LLPs, and Partnership Firms are eligible to register.
Q5. What are the tax benefits available to startups?
Ans: Startups can avail of income tax exemptions for three consecutive years and exemptions on long-term capital gains.
Q6. Is the Startup India initiative open to foreign startups?
Ans: No, the initiative is exclusively for startups registered and operating in India.
