The raised funds will be utilised for technology enhancement, business development, and expansion.
Gowrishankar Subramanian, CEO at Aspire Systems,who led the investment for The Chennai Angels said, “We feel the understanding of the retail market, quality of the solution, initial marquee customer adoption, potential scale of the market and hunger of the entrepreneur makes Netree a strong candidate for investment.”
Netree was founded in April 2012 by Desi Valli, with an aim to help the retail industry stakeholders to interconnect directly with the small and medium retailers. As mentioned by him in a press release statement, small and medium retailers either use very little technology or are not using any. Netree enables them to take full control of their business along with digital payments, whilst engaging with their customers and suppliers seamlessly.
“Our ecosystem helps manufacturers, distributors, banks and other stakeholders of the retail industry to get engaged with the last-mile retailers in real-time,” he added.
Shanti Mohan, founder of LetsVenture further added, “With demonetisation and GST implementation being, technology adoption is bound to accelerate among Indian retailers and supply chain. The founders are leading this wave, having built a product specifically designed for Indian SMB retailers, thereby creating a network of all stakeholders. Netree is a great example of a startup which is truly contributing towards a Digital India. We are excited to have enabled the fundraise from investors across India, Singapore and the US on our funding platform.”
In the past few years, many startup initiatives have been trying to mend the loopholes in the working mechanism of the existing segment of SME’s in India. This includes the likes of Lendingkart, Meesho, Telr, Power2SME, Alibaba’s SMILE, Exclusife and more.