NEW DELHI: Retail technology firm SnapBizz has raised $7.2 million led by Jungle Ventures, Taurus Value creation, Konly Venture and Blume Ventures.
The funds raised will be used to continue the firm’s growth and spur market expansion across key cities.
The company had earlier received a seed fund of $1.7 million from Qualcomm, Jungle Ventures, National Research Foundation of Singapore, Taurus Value creation and Blume Ventures. The overall investments now stand at around $9 million.
SnapBizz is transforming thousands of traditional retail outlets in Mumbai, Pune, New Delhi, Bangalore and Hyderabad via a technology solution addressing the key business challenges faced by them. SnapBizz also connects and provides immense value to all stakeholders of the fragmented retail ecosystem of India. The cost-effective, end-to-end solution is an Android-based, cloud-connected business platform. The solution comprises a tablet, barcode scanner, printer and an intelligent consumer-facing LED display for consumer engagement.
SnapBizz founder and CEO Prem Kumar said, “We are thrilled that all ecosystem players have shown confidence in our solution and that our existing investors have reiterated their support to us. Large retail and online players account for only 10-15 per cent of any brand's business. The remaining 90 per cent happens through traditional trade and there is zero or minimal last mile connectivity between brands, consumers and retailers. We are on a mission to address this big gap while addressing the pain points of the kirana stores.”
Jungle Ventures managing partner David Gowdey said, “We are convinced with the SnapBizz business model, which brings a tailored technology solution to kirana stores and believe that it will play a large role in India’s retail growth story. Prem and team have a rich and diverse experience across multiple markets and verticals that led to their impressive growth over a short span of time. We are confident that this momentum will continue as more kirana stores look to leverage technology to improve their business.”
SnapBizz director - brand engagement Chirantan Bhabhra added, “SnapBizz is bringing in more money to kirana stores through partnership with FMCG companies. Brands, large and small, find SnapBizz a must-be-on platform. They can now contextually engage consumers in and out of stores, track promotions efficiently, analyse their business like never before and connect directly with kirana retailers.”
“Kirana stores have been the face of India’s retail ecosystem for ages. The last few years witnessed the entry of large players in the form of supermarkets, hypermarkets and e-commerce posing a huge threat to kirana stores’ business. Despite stiff competition, kirana stores are still considered as the most trusted retail format in our country. They have unique strengths like trust, convenience, flexibility and competitive pricing, which make them highly relevant. SnapBizz helps kirana stores leverage these strengths to get a competitive edge. In line with the changing business environment and consumer expectations, kirana stores have realised the need to transform the business through advanced technology solutions,” added Kumar.
