Niffler, a Mumbai-based startup that helps users discover deals and discounts from brick and mortar stores, has raised $ 1 Mn( approx INR 6.18 Cr) in seed investment. from SAIF Partners, a leading venture capital firm with over $4Bn under management.
The injection of funds into the startup follows on the heels of a $ 350 Mn fund raised by SAIF Partners for its India-dedicated fund. The freshly infused capital will be used towards expansion and diversification.
Niffler, a brain child of 3 IITians; Edul Patel, Prince Arora and Viraj Shah helps find deals from offline merchants across categories including food and drinks, spas and salons, apparel and home décor.
Remarking on the motive behind the investment, Mukul Singhal, Principal, SAIF Partners said, “We see immense potential in an app like Niffler that optimises the mobile platform to influence sale at offline stores. Their aim is to build the mobile-powered information superhighway, connecting brick and mortar stores with consumers. There has been a significant uptick in appetite for businesses that connect offline businesses to consumers via mobile and we are certain that Niffler will scale tremendously in the days ahead.”
“We have experienced huge traction since our inception in 2014 with over 30,000 users and presence in the top 5 cities of the country i.e. Mumbai, Pune, NCR, Bangalore and Hyderabad. The seed funding from SAIF Partners not only bolsters our business confidence but will also enable us to drive more innovation through technology-based investments.” Viraj Shah, Co-founder, Niffler commented on the fund raise.
The Niffler Mobile App has the following features:
- The app provides a personalised experience where users are notified of new offers from their favourite brands as soon as they go live.
- It learns from a user’s habits and serves up curated deals based on items that a user likes. When users are near a great deal or have just walked into a mall, the best deals available for them pop up on their phones.
Brands such as Zara, Forever 21, and Shoppers Stop – have had their ‘End of Season Sales’ featured on Niffler.
The app is currently available for Android on Google Play and is going to be launched soon on the iOS platform.