E-commerce enabler platform Shopmatic has raised $5.7 million from Singapore-based investment firms ACP, and Spring Seeds Capital. Launched in 2014 by former Paypal employees Anurag Avula, Kris Chen, and Yen Li, the platform helps merchants and individual entrepreneurs set up store and sell online.
The company has over 75,000 merchants using its services. With over 70% of its revenue coming from India, the company is now planning to expand to other markets like UAE, Thailand, Indonesia, and Philippines.
“We have witnessed tremendous growth in merchants leveraging our platform with monthly growth rates in excess of 40%. More than 60% of the sellers on our platform are individual entrepreneurs. 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,” said Avula.
This is the second fund raise for the platform. It had earlier raised a seed fund of $2 million from angel investors.
Shopmatic competes with Delhi-based KartRocket, Hyderabad-based NowFloats, and Pune-based Shoptimize. The space has been seeing investor activity for some time. Both KartRocket and NowFloats have raised upwards of $10 million each in funding so far. Apart from helping merchants come online, the platforms help integrate payment and shipping functions and sell their products or services through multiple channels.
Ted Tan, deputy chief executive of Spring Singapore and chairman of Spring Seeds Capital, said, “Going forward, e-commerce will play an even more critical role in omni-channel marketing strategies, to help businesses expand globally. We encourage all SMEs to embrace change and go digital.”
Source: Times of India