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Shopmatic eyes $30 million investment in series B round

Bajaj Auto puts $8 million in cycle-sharing space Yulu in series A funding

Shopmatic, a social e-commerce startup, headquartered in Singapore, has aimed to secure a $30 million in Series B funding round, cited Inc24. The funds, if infused, will help the startup to expand its business and enable the online success of aspiring entrepreneurs, hobbyists, craftsperson, and small merchants.

With offices in India, Shopmatic has now claimed that it has recorded 174 per cent revenue growth in April-June quarter.

“We shall continue to disrupt the status quo with our customer-first approach and are looking to raise 30 Mn for venturing into newer markets while strengthening our foothold in the national and international markets where we are currently present. Going by the current trends, we are on the right track to bring more than 500K merchants online by the end of this year,” Anurag Avula, cofounder & CEO, Shopmatic, said.

Shopmatic was founded by Yen Ti Lim, Anurag Avula, and Kris Chen in 2014. It provides sellers with an entire ecosystem of selling online for their customers.

From a domain name to easy integrations with domestic and international payment gateways and shipping partners, to getting discovered via a unique, curated platform Shopmatic World to POS, Inventory Management and CRM solutions, Shopmatic helps business owners manage the full spectrum of what is required to grow their business.

The company claims that it is helping SMEs and aspiring entrepreneurs at only ₹50 for 1 year. It also aligned the pricing model with the online success of customers, charging only 3 per cent as transaction fees following a successful sale.

Also, the company recently closed its Series A funding at $7.45 million, $5.7 million of which was raised in 2017.
Till date, the company has raised $14.75 Mn (SGD 20 Mn).The company is also betting on the performance where it recorded 160% transaction growth in the quarter.

While, other social e-commerce startups includes GlowRoad, Meesho, Shop101 and others.

Also watch: https://www.youtube.com/watch?v=32KxP1JenQE

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