Startups have been able to prove their mettle every now and then. They are growing at much faster rate than expected. It is evident by victory of a Pune-based startup Scandid at recently concluded Seedstars World(SSW) which is global startup competition held in Geneva where the company pitched for their product before the grand jury.
This will entitle the startup for an equity investment of $5 Lakh by SSW. Scandid competed with 9 other startups from across the globe.
SSW is startup competition for emerging markets and is supported by venture builder Seedstarts. It is one of the biggest innovation and tech conferences in Europe.
Sushil Choudhari, founder and CEO of Scandid said, ”The investment will be finalised in two months. This investment would be used for product development and increasing the range of shopping. A part of the investment will be used to strengthen the app as well as publicity.”
Scandid is a two year old company founded by two former Microsoft engineers Madhur Khandelwal and Sushil Choudhari has raised $250,000 in angel funding last year. Recently, Scandid has powered American Express-backed loyalty marketing platform Payback that is using the former’s search engine to crawl online stores in India and find products sold online.
The company aims to help customers make the best deal in terms of price by scanning the bar codes of the products from various sites. The Scandid app was launched last year and has seen more than 50,000 downloads. Scandid also allows buyer to make the best choice in shopping by means of comparison of offers, deals and coupons. On an average, Scandid witnesses over 50,000 transactions every month with an average ticket size of INR 1,200.