It will use the new round of financing to fund its expansion to Indonesia, the Philippines and the Middle East. Currently, Shopmatic is already present in India, Singapore and Hong Kong.
As part of the new round, Sameer Narula, Managing Partner, ACP, will join the Board of Directors of Shopmatic.
“We have witnessed tremendous growth in merchants leveraging our platform with monthly growth rates in excess of 40 per cent. 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 Anurag Avula, CEO of Shopmatic, in an official press statement.
Founded in Dec 2014, Shopmatic is a platform that helps SMEs and individual entrepreneurs embrace e-commerce selling. It provides tools that help them build online stores with integrated payment gateways.
Shopmatic also helps establish partnerships with logistics companies, and facilitate listings in marketplaces and social media. Additionally, it includes a backend analytics platform.
The service currently costs US$240 per year.
Last year, the company launched Shopmatic Go, a mobile app version of its product. To date, it claims to have logged more than 130,000 downloads.
Shopmatic also acquired 5xRuby, a Taiwanese business that lectures, educates, and gets the word out about how the coding language Ruby on Rails can impact companies, in 2016.
It said the goal of the acquisition was to “provide a streamlined experience backed by the latest technology stack and a talented platform development team.”
Image Credit: Shopmatic
Want to be part of the ecosystem?
Register for your Echelon Asia Summit access pass now! Enjoy +10% off Echelon Asia Summit Startup, Investor and Corporate passes just for being our favourite e27 reader.