Pune-based shopping and savings discovery app Scandid has secured an undisclosed amount in a Pre-Series A funding round led by Mohandas Pai’s fund, 3One4 Capital. Scandid’s existing investors -the smartphone maker Micromax and a few Silicon Valley-based investors also participated in the round.
The funding will be utilised to accelerate user acquisition, engagement and monetisation in the next 6-9 months. Also, a part of the money will be infused in expanding the current 30- member team. “This funding is going to help us consolidate our market leader position in the shopping discovery space in India,” Sushil Choudhari, founder of Scandid, said.
Sushil and Bhaskar Thakur founded Scandid back in 2013. It aims to help streamline the entire shopping process for people on-the-go, and also helps them save substantial money in an efficient and stress-free manner.
The platform acts as a shopping assistant and helps customers save money by comparing prices, discovering products across online and local retailers.
The app allows customers to compare prices of over 30 Mn products from a network of over 200 retailers, including online biggies such as Flipkart, Amazon, Snapdeal and Shopclues, as well as local neighbourhood shops.
The company claims to have over 7 Mn installs and more than 3.6 Mn registered users across India. With word-of-mouth and customer referrals being major traction modes, in the past 12 months, Scandid claims to have helped customers save more than $902K (INR 6 Cr). The platform also boasts of driving more than $15 Mn (INR 100 Cr) in GMV for ecommerce partners.
Regarding his substantial investment via 3one4 Capital, Mohandas Pai said,
“Retail continues to expand as an important market with a full spectrum of channels, and the need for smart discovery is an exciting challenge to solve for. In Scandid, we see a team that has deep expertise in growth and distribution on mobile to understand the needs of the modern consumer base and optimise for true network effects. Their core value lies in a great discovery experience, and their ability to utilise behavioural data in fresh and interesting ways. We believe Scandid will drive an important shift towards intelligent, customer-first retail experiences, and are excited to be joining them on their journey forward.”
Earlier, in October 2015, the company raised an undisclosed funding from smartphone maker Micromax. In February 2015, it bagged $500K investment in Seedstars World, a global startup competition. Also, it raised $250K in an angel funding round in 2014.