E-commerce enabler Shopmatic raises $5.7 mn in Series AA funding

E-commerce enabler Shopmatic, on Wednesday, said it has raised $5.7 million as Series AA funding aimed at expansion in Indonesia, the Philippines and West Asia.

The Singapore-headquartered company with offices in Bengaluru and Gurugram, which provides a platform for merchants and individual entrepreneurs to sell online, has raised the funds from ACP Pte Ltd, a technology-focused venture capital firm, Spring Seeds Capital Pte Ltd, an investment subsidiary of Spring, Singapore, and other investors for allocation towards expansion of its global footprint, according to a company statement.

After scaling up its operations in India, Singapore and Hong Kong, Shopmatic will now be expanding into markets such as Indonesia, the Philippines and West Asia. As part of this round of funding, Sameer Narula, Managing Partner, ACP, will be joining the Board of Directors of Shopmatic.

Founded in December 2014, Shopmatic enables Small and Medium-sized Enterprises (SMEs) and entrepreneurs to take their business online. Its platform enables SMEs to build their online stores with integrated payment and shipping functions and sell their products or services through multiple channels. Data analytics and insights have also been built into the platform to help sellers be more effective in reaching out to their target audience.

Last year, Shopmatic launched Shopmatic Go, a mobile-centric product with more than 130,000 downloads, and acquired Taiwan-based 5xRuby, a leading technology development house, said Anurag Avula, CEO, Shopmatic.

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