Hyderabad-based ecommerce portal BuyThePrice.com has raised its first round of funding from Rajan Anandan, Rehan Yar Khan, Sunil Kalra and several other investors. According to BuyThePrice.com, the funds will be utilized in creating technology differentiators, marketing, human capital and setting up new offices. Rajan Anandan and Rehan Yar Khan have joined the BuyThePrice board of directors.

Ranjith Boyanapalli, founder and CEO, BuyThePrice.com, has said, “BuyThePrice.com has been able to stand apart in the wave of group buying portals, due to its unique concept and execution. Our focus on purely catering to products of leading electronic brands has helped in overall reliability. This is reflected in our average order value which is at least 10x of industry average.”

Rajan Anandan, former managing director, Microsoft India and an active investor in early stage technology companies, has said, “Consumer electronics will be the second largest ecommerce category in India (after travel) and we believe that there is enormous potential for growth for a company like BuyThePrice.com.”

Launched in March 2010, BuyThePrice.com claims to be the first portal to introduce ecommerce 2.0, where product price comes down with multiple buyers buying the same merchandise. Unlike a minimum number of buyers required in most group buying portals, BuyThePrice collates real time demand and maps it against the supply prices and drops the price as the number of buyers increase.