Targeting $1 Bn GMV, Hyderabad Based MySmartPrice Raises $10 Mn From Accel & Helion

Hyderabad-based, product discovery and price comparison platform, Mysmartprice has raised $10 Mn in Series B round of funding led by its existing investors Accel Partners and Helion Venture Partners.

With the funds infused, the startup plans to expand its hyperlocal shopping service to over 50 cities, enable one lakh offline retailer to reach online customers and reach a Gross merchandise value (GMV) of $1 Bn.

Founded in September 2010 by Sitakanta Ray and Sulakshan Kumar, Mysmartprice is a social commerce platform that helps users compare prices online and offline to source the best deals. It forayed into the offline price comparison domain last year by tying up with 300 offline mobile stores in its hometown. It claims to grow at 1000% year-on-year basis and caters to over 10 million unique users monthly. Presently, the startup offers a wide array of categories for the price comparison and scales $120 Mn in GMV annually.

The company has plans to become an omnichannel player by adding inventory and pricing from offline stores to its product offering and expand its teams across product and engineering, analytics, operations and marketing.

Sulakshan Kumar, Co-founder & CEO, MySmartPrice said, “The fresh round of funds will be used to build a truly omnichannel platform which will facilitate users to search, decide and buy Any Product from Any Store, whether online or offline.”

Prior to this, the startup raised $1 Mn in Series A round from Accel and about $0.37 Mn (INR2 Cr) from Helion Venture Partner.