Delhi and NCR-based retail tech startup SignCatch has raised an undisclosed amount in a fresh funding round from ThinKuvate, a Singapore-based early stage venture capital firm with a key focus on technology startups in Singapore, India, and Southeast Asia.
It previously raised funds from a prominent group of angels, including UAE-based venture capitalist Nikhil R Kilachand. Kilachand has invested in SignCatch in his personal capacity. He is the Vice Chairman of the Dodsal Group, a Dubai, UAE-based oil and gas company, which earlier owned one of the largest franchises
of Pizza Hut outlets in India..
Founded by serial entrepreneur Sumit Duggal and Saurabh Dwivedi, SignCatch is a cloud-based omnichannel retail tech startup that creates digital transaction environments and experiences in brick-and-mortar retail stores. Both the founders are alumni of Delhi College of Engineering and have more than 14 years or entrepreneurial experience. Their vision is to launch a “truly interconnected new retail platform.”
It uses elements of machine learning, blockchain, IoT, and big data analytics to create a seamless new experience for retailers and customers. Its patented proprietary tech platform uses a multitude of technology integrations to augment the in-store transaction experience and streamline the overall efficiency of a retail store.
As the founders said in a media statement, they are deeply entrenched in areas of new retail and have a full stack omnichannel platform that uses agile coding architecture and open APIs to make a store future ready for myriad emerging smart technologies in various areas.
These include inventory mapping, object recognition, stock keeping, billing, multi-store management, e-commerce, customer heatmapping, advanced reporting and self/express checkouts.
“Be it AliBaba’s New Retail, Jio’s New Commerce, Big Bazaar’s Retail 3.0 or Amazon’s Go concept stores, the attempt is to create a new interconnected retail paradigm which seamlessly connects all the current and future touch points of a customer’s retail journey while communicating flawlessly with the retailer’s back-end operations,” said Sumit Duggal and Saurabh Dwivedi.
Kilachand said he believes that an omni-channel retail operating system has tremendous growth potential in the coming years, given the fast-changing retailing ecosystem and increased acceptance of digital transactions across India, especially among new retailers.
“However, an open-minded approach by big-box retailers in India is extremely crucial for the success of startups following this model In India,” he added.
ThinKuvate’s Managing Partners Harish Taori and Ghanshyam Ahuja added “We strongly believe that “phygital” will be the new paradigm for retailers globally, where online and offline will overlap.”
SignCatch is also the Go Digital partner of Axis Bank and, as part of the bank’s Beyond Banking initiative, SignCatch offers a smart payments stack that has powered QR-based utility bill payments for the New Delhi Municipal Council (NDMC). SignCatch has also launched cloud-based Self/Express Checkout Terminals offering multiple payment options.
According to a report by Global Market Insights, Inc, the self-checkout market is set to exceed $4 Bn by 2024 globally. An increasing number of technology adopters, particularly in developing regions, offers a huge potential for the growth of the market over the next six years.
Update: The copy was updated at 3.20pm, September 6, 2018, to clarify that Nikhil R Kilachand has invested in SignCatch in his personal capacity.