Shopmatic, ecommerce enabler platform, has acquired a fund of $5.7 million from Spring Seeds Capital and ACP which is a Singapore based investment firm.
About Shopmatic
It was established in year 2014 by former employees of Paypal named: Yen Li, Anurag Avula and Kris Chen. It is designed to help individual entrepreneurs and merchants for setting up stores and online sell.
Most revenues are generated from India
The organization has more than 75,000 dealers utilizing its services. It is collecting more than 70% of its income from India. Now the company is seeking to put its legs in other markets such as Indonesia, Philippines, Thailand, and UAE.
Avula talks about offerings
Avula said that, “We have witnessed tremendous growth in merchants leveraging our platform with monthly growth rates in excess of 40%. More than 60% of the sellers on our platform are individual entrepreneurs. Our approach of simplicity with a wide value proposition to our customers has deepened our engagement with sellers and grown the category of online sellers”.
Earlier investment acquired by the company
This one is the second fund acquired by the platform as earlier it had raised a seed fund of $2 million from angel investors.
Company’s competitors
Company’s rival is Pune based Shoptimize, Hyderabad based NowFloats and Delhi based KartRocket. The platform has active investors investing in several start-ups for sone time now.
Funding raised by company’s competitors
KartRocket and NowFloats, both of them have acquired fund of $10 million yet. It also helps integrate shipping and payment functions and help to sell their products as well as services through multi-channels.
Aim is to go digital
Chairman at Spring seeds capital and deputy chief executive at Spring Singapore, Ted Tan said that, “Going forward, e-commerce will play an even more critical role in omni-channel marketing strategies, to help businesses expand globally. We encourage all SMEs to embrace change and go digital”.
