· SnapBizz had earlier raised $1.7 million, making the overall investments at around $9 million
· Its solution has created enormous receptiveness among the kirana stores, e-commerce players, cash & carry stores and FMCG brands in a short span of time
SnapBizz, a retail-technology firm, 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 rapid 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.
SnapBizz is already 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.
“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% of any brand's business. The remaining 90% 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.
“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 has 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.” said David Gowdey, Managing Partner, Jungle Ventures.
SnapBizz empowers retailers by delivering a competitive edge through leveraging their strengths to achieve improved profitability. SnapBizz also drives digital inclusion of a large part of the economy and provides the much needed last mile connect in keeping with the national agenda of Digital India.
“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”, says Chirantan Bhabhra, Director- Brands Engagement, SnapBizz.
“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 realized the need to transform the business through advanced technology solutions”, added Prem Kumar.