Bengaluru-based omnichannel retail tech startup Perpule has raised around ₹34 crore ($4.7 million) in a series A funding round from Prime Venture Partners, Kalaari Capital, and Venture Highway.
The funds raised will be used to expand into more outlets across 10 cities, over the next year.
Perpule was founded by Abhinav Pathak, Saketh BSV, and Yogesh Ghaturle in 2016. The startup offers a mobile app-based self-checkout product for offline stores, enhancing the customer experience by avoiding queues at checkout counters.
Talking about the investment, Abhinav Pathak, CEO and co-founder, Perpule, said, “This is a great milestone for us and we are delighted to partner with Prime and continue our relationship with Kalaari and Venture Highway. Omnichannel retail and consumer commerce will redefine the shopping experience for customers. We believe that using the right technology and the power of mobile, we can better such experiences and build solutions which work seamlessly across all platform.”
The startup is working with retailers like Big Bazaar, Vishal Mega Mart, SPAR, MORE, HyperCITY, etc, along with Quick Service Restaurants (QSRs) such as KFC.
Perpule recently launched a digital cafeteria solution QSRs, including cafeterias and food courts in corporate techparks and malls.
In March 2017, Perpule raised $650,000 in seed funding from Kstart, seed fund initiative by Kalaari Capital, Venture Highway, and TaxiForSure Co-Founder Raghunandan G.
On the partnership and future growth, Vani Kola, Founder and Managing Partner, Kalaari Capital, said, “Perpule growing significantly in their customer base in the last 18 months is a testament to the disruptive Online to the Offline solution they have built.”
Indian retail industry is growing on the back of the e-commerce industry, which is embracing omnichannel strategy, to tap the opportunity in the offline space.
According to an IBEF report, India’s retail market is expected to increase by 60% to reach $1.1 trillion by 2020, on the back of factors like rising incomes and lifestyle changes by middle class and increased digital connectivity.