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Snapbizz raises $7.2 mn from Jungle Ventures, others

The retail-technology firm said the funds raised will be used to continue the firm's growth and spur market expansion across key cities.

twitter-logoPTI | January 22, 2016 | Updated 13:43 IST
Snapbizz raises $7.2 mn from Jungle Ventures, others
The retail-technology firm said the funds raised will be used to continue the firm's growth and spur market expansion across key cities. (Photo: Reuters)

Retail-technology firm Snapbizz has raised $7.2 million (about Rs 48 crore) from 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," Snapbizz said in a statement. 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.

Set up in 2013, SnapBizz works with traditional retail outlets in Mumbai, Pune, New Delhi, Bengaluru and Hyderabad through a technology solution addressing the key business challenges faced by them. The company also connects stakeholders of the fragmented retail ecosystem of India. The cost-effective, end-to-end solution is an Android-based, cloud-connected business platform comprising a tablet, barcode scanner, printer and an intelligent consumer-facing LED display for consumer engagement.

"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," SnapBizz founder and CEO Prem Kumar said.

"We are on a mission to address this big gap while addressing the pain points of the kirana stores," he said. Despite stiff competition, kirana stores are still considered as the most trusted retail format in our country. "In-line with the changing business environment and consumer expectations, kirana stores have realised the need to transform the business through advanced technology solutions," he added.

 

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