The funds raised will be used to expand its product portfolio, along with making further investments, to enter new markets.
EasyEcom, owned and operated by Edgewise Technologies, was founded by two IIT Guwahati graduates Jitesh Advani and Punit Gupta, along with Swati Jindal in 2014. The startup provides an omnichannel inventory management software, helping its clients to sell, manage, reconcile, all their business from a single dashboard.
The platform enables its clients to easily integrate with e-commerce channels like Amazon, Flipkart, Myntra, e-Bay, Shopify, and Paytm. Some of EasyEcom’s clients include Google, Dell, Casio, Provogue, Killer Jeans, and Himalaya.
The startup claims to have processed more than 17 million orders, for over 2,000 brands, across more than 40 countries.
Earlier in December 2017, EasyEcom raised $150,000 in an angel funding round from Ambarish Gupta, Co-Founder and Chief Executive Officer of Knowlarity Communications, Aneesh Reddy, Co-Founder and Chief Executive Officer of Capillary Technologies, along with early-stage investment firm Bold Ventures.
According to an IBEF report, the Indian e-commerce market is expected to reach $200 billion by 2026, from $38.5 billion in 2017. Much growth of the industry has been triggered by increasing internet and smartphone penetration.
The huge growth potential in the e-commerce industry, is expected to create a market for e-commerce enablers, to help them to boost their sales and revenues.
In July 2018, Scale Labs raised ₹6.8 crore in seed funding GPA Group.