Singapore-based eCommerce Company, Shopmatic is providing a platform for merchants and individual entrepreneurs to sell their products and for this purpose, they raised ₹36 Crore ($5.7 million) funding from a technology focused venture capital firm known as ACP Pte Ltd. and SPRING SEEDS Capital Pte. Ltd.
After getting a positive response in India, they are planning to step out and connect with other nations. They provided their services in India, Singapore and Hong Kong, Shopmatic is planning to use the fund in expanding their services in Indonesia, Philippines and the Middle East. After this funding, Mr. Sameer Narula, Managing Partner, ACP, shall be joining the Board of Directors of Shopmatic to consult them and to promote on a larger scale.
Anurag Avula, CEO of Shopmatic has stated that “We have witnessed tremendous growth in merchants leveraging our platform with monthly growth rates in excess of 40%. Our approach of simplicity with a wide value proposition to our customers has deepened our engagement with sellers and grown the category of online sellers. With this round of funds, we aim to expand our service to a wider seller base across more markets in Asia and other emerging markets. We are delighted to have ACP and SPRING SEEDS Capital as our strategical partners and as part of our growth story.”