Mumbai-based venture capital firm, Matrix Partners India, has invested an undisclosed amount in Bengaluru-based omnichannel ecommerce startup Zoomtail Technologies. This is reportedly the startup’s seed funding round.
It also saw participation from other investors such as V1 Capital, Anshuman Bapna, Kunal Shah and Shamik Sharma.
Zoomtail was founded in 2018 by Varun Jain and Swedesh Srivastava. It is a fashion ecommerce platform for fashion small and medium-sized enterprises (SMEs) which offers a chat-based platform for small fashion retailers to discover the latest fashion trends, purchase inventory and create an omnichannel experience for the retailers.
According to the startup, the fresh funds will be used to expand the team and build a technology platform for retailers, manufacturers and SMEs which will help them trade and expand their customer base and network reach.
“Our vision is to enable fashion SMEs, and people working in them, by giving them easy to use tools to be more effective and expand their business,” said Jain and Srivastava in joint statement.
This announcement comes in after Matrix Partners India raised its third fund of over $300 Mn (INR 2, 141 Cr) this month. Prior to this, it had raised its second fund of $300 Mn in 2011 and supplemented it later by raising $110 Mn (INR 776.8 Cr) in 2016. The venture capital firm has approximately $1 Bn (7,117 Cr) under its management. It is aimed at investing in companies and startups working across consumer and enterprise market at the seed, early and early growth stages.
Till date, the firm has invested in several companies such as Ola, Quikr, Practo, Dailyhunt, Limeroad, Treebo, Mswipe, Five Star Business Finance, OfBusiness, Razorpay, and ZipLoan among many others.
Most recently, it had invested in Bengaluru-based bike rental startup Vogo Automotive which raised $8.87 Mn (INR 62.78 Cr) as a part of its ongoing Series B. As a part of this deal, the VC firm has bought 17,447 shares for $2.19 Mn (INR 15.5 Cr).
In December 2018, Matrix Partners India had also led the bridge funding round of hyperlocal home services startup, Housejoy. It has also invested an undisclosed amount of funding in Bengaluru-based milk and grocery delivery startup DailyNinja.
The B2B ecommerce segment has been growing exponentially over the years in India. Last year, US-based ecommerce major Amazon had also announced the expansion of its Global Selling Program by launching B2B selling for Indian exporters. This initiative will allow B2B sellers, manufacturers and exporters to reach the business customers across Amazon’s international marketplaces.