SnapBizz, a startup that offers an Android-based, cloud-connected platform to grocery retailers in India, has raised US$7.2 million in Series A round of funding, led by existing investor Jungle Ventures. Other existing investors Taurus Value Creation, Konly Venture and Blume Ventures also joined the round.
The startup, which is now based in Singapore with offices in India, will utilise the funds to fuel its growth plans and expand to more cities.
SnapBizz had earlier received US$1.7 million in seed funding from Qualcomm Ventures, Jungle Ventures, National Research Foundation of Singapore, Taurus and Blume.
Founded in 2013, SnapBizz has developed an online platform to connect various stakeholders of the fragmented retail ecosystem in India.
The retail technology solution comprises a tablet, barcode scanner, printer and an intelligent external large consumer-facing LED display for consumer engagement. On the other hand, it helps brands to contextually engage consumers in and out of stores, track promotions, analyse their business and connect directly with kirana (grocery in Hindi) retailers.
“Large retail and online players account for only 10-15 per cent of any brand’s business. The remaining 90 per cent happens through traditional trade and there is zero or minimal last-mile connectivity between brands, consumers and retailers. We are on a mission to address this big gap while addressing the pain points of the kirana (grocery) stores,” said Prem Kumar, Founder and CEO of SnapBizz.
“Kirana stores have been the face of India’s retail ecosystem for ages. The last few years witnessed the entry of large players in the form of supermarkets, hypermarkets and e-commerce — posing a huge threat to kirana stores’ business. Despite stiff competition, kirana stores are still considered as the most trusted retail format in our country. They have unique strengths like trust, convenience, flexibility and competitive pricing which make them highly relevant. SnapBizz helps kirana stores leverage these strengths to get a competitive edge,” he added.