Bangalore-based startup Synup has raised a total sum of Rs 40 crore from Vertex Ventures in Series-A round of funding. It also saw the participation of its existing investor Prime Venture partners.
Synup Uses Funds to Strengthen its Technology Platform
Synup plans to utilize the fresh funds to strengthen its technology platform to cater to a larger chunk of merchants and expand to newer geographies. The firm also plans to start its operations in Western Europe and UK as well. “We have 50,000 merchants signed up on our platform using our services presently. We have to increase it to 5 lakh over the next three years. We are already working with 50 major online platforms like Google, Facebook, Yelp, Apple, Yellow Pages,” said Ashwin Ramesh, founder of Synup.
Synup was started in 2014 with seed investment of Rs 3 crore from Prime Ventures. “Our SaaS-based solution helps them update their information in real time across platforms which save them cost and increases efficiency,” said Ramesh. Moreover, Synup keeps up these vendor profiles, tracks client surveys, offers hyper neighborhood marketing arrangements and offers rankings based on analysis of different search engines.