Bengaluru-based omnichannel retail tech startup Perpule raised $4.7 Mn in Series A funding from Prime Venture Partners, Kalaari Capital and Venture Highway.
Founded by Abhinav Pathak, Saketh BSV, and Yogesh Ghaturle in September 2016, Perpule has created a payment platform which allows customers to scan barcodes at stores and make payments digitally, avoiding queues at payment counters.
The startup plans to use the Series A funding for significant expansion into thousands of retail outlets across 10 cities in the next year.
Abhinav Pathak, CEO and co-founder, Perpule, said, “This is a great milestone for us and we are delighted to partner with Prime and continue our relationship with Kalaari and Venture Highway. Omnichannel retail and consumer commerce will redefine the shopping experience for customers. We believe that using the right technology and the power of mobile, we can better such experiences and build solutions which work seamlessly across all platform.”
At present, the company is working with leading retailers like Big Bazaar, Vishal Mega Mart, SPAR, MORE, HyperCITY, etc. and Quick Service Restaurants (QSRs) such as KFC, etc. amongst others.
The company recently launched the Perpule Digital Cafeteria Solution for QSRs which include cafeterias and food courts in corporate tech parks and malls.
Perpule has also partnered with HyperCITY to bring India’s first “cashier-less, cash-till less” store.
The company had previously raised a seed round of $650K from Kstart, the seed fund of the Kalaari Capital, Venture Highway and Raghunandan G in March 2017.
Sanjay Swamy, Managing Partner, Prime Venture Partners said, “Retail shopping is the next playground for disruptive innovation and is being transformed around the world, as (millennial) consumers demand a friction-free experience. Perpule has quickly established itself as the leader in India – as evinced by the top brands that are already partnering them, and innovations such as the cashier-less stores that they have helped bring to market. We’re excited to collaborate with the young and dynamic team of Abhinav, Saketh and Yogesh as well as Kalaari & Venture Highway in charting the next phase of growth of Perpule.”
According to Vani Kola, Managing Director, Kalaari Capital, Perpule growing significantly in their customer base in the last 18 months is a testament to the disruptive Online to Offline solution they have built.
Vivek Biyani, Director, Future Group said, “We have been working with Perpule for over a year now and are really happy with the team. Their Next-Generation platform is built with the right focus to support the growing needs of Modern Retail and we see it being adopted across our brands. We are happy to be a part of their journey in building next-generation retail together.”
According to an IBEF report, the retail market in India is projected to grow from $ 672 Bn in 2017 to $ 1.1Tn in 2020. Reports also indicate that the size of modern retail is expected to witness a substantial rise, from the current 19% to 24% in the next three years in the top six retail markets of the country, driven largely by omnichannel retailing.