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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 seed fund of $1.7 million from Qualcomm, Jungle Ventures, National Research Foundation of Singapore, Taurus Value Creation and Blume Ventures.
“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,” said Prem Kumar, Founder and CEO, SnapBizz.
SnapBizz is transforming thousands of traditional retail outlets in Mumbai, Pune, New Delhi, Bengaluru and Hyderabad via technology solutions. 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.
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