Hyderabad based, online coupon marketplace Shoppirate.in has raised a seed fund investment of Rs.50,00,000 from India-based financing firm Confidance Holding Pvt. Ltd.
The startup will be looking for expanding into other countries during the current financial year.
Shop Pirate was launched by Snippets IT Solutions Pvt. Ltd., a Hyderabad-based firm last year. The startup offers deals and coupons to its customers, from over 350+ brands including Yatra.com, Firstcry, Flipkart, Jabong etc.
The entire engagement works on a commission model; it gets commission for every purchase. In general, coupon websites have been widely used by a number of online retailers as a marketing platform, as there is no cost required.
With the new funding, there will be no major change in the management board, and Shop Pirate will continue to operate under the leadership of founders Kulpreet Kaur and Suresh Kumar.
Kulpreet Kaur, Co-Founder – Shop Pirate, says, “We are glad to launch a transparent online coupon service for Indian shoppers with an omni channel approach by having a website, mobile apps and browser extensions compatible on all major platforms. This investment will further enable us to establish ourselves as market leaders in a short span of time. One of the main goals of Shop Pirate is to focus on user experience and to offer our users valid, working coupons and deals to help them save money and time on online shopping in a major way.”
The funding will help Shoppirate.in to expand its roots in the realm of digital coupon distribution.
Confidence presented this deal as a way “to invigorate its position in the nascent yet fast-growing digital coupon space and to vigorously work towards improving transparency in the e-shopping arena.” The increase in online shopping over years and attraction of coupons urged confidence to make such a huge investment.
Recently in the same space, Times Internet had acquired coupon service CouponDunia.