Bangalore-based Shopalyst, a startup that enables product discovery and shopping from any website or app has raised $2 Mn (INR 13 Cr.) in venture capital funding from Kalaari Capital.
Founded in 2014 by four veterans from Infosys, Vibin Balakrishnan, Mohan Kumar Krishnan, Sajeesh P.J. and Girish Ramachandra, Shopalyst, enables product discovery and shopping from any site or app. The company helps retailers extend their sales reach beyond the ecommerce site, and serve personalised storefronts to inspired shoppers wherever they are.
Shopalyst is aiming to bring the ‘buy now’ button on websites and mobile applications to make digital commerce ubiquitous and easy. “In our digital life, we discover products not only on etailing websites, but also on news websites and fashion blog. We want to bring you the ability to discover and purchase products across the universe,” Girish Ramachandra, founder & Chief Executive of Shopalyst told ET.
Shopalyst app which is in beta version, enables publishers and developers to easily add “buy buttons” to a variety of content types such as images, videos, posts, chats, lists, news and others. Customers can directly buy through the publishers application without visiting the etailers website.
The startup has tied up with Indian ecommerce companies such as Flipkart, Amazon, Jabong and Snapdeal with over 10 Mn stock keeping units (SKU) in its database. Shopalyst is relying on the increasing marketing spends by etailers, who India Infoline (IIFL) estimates, will spend about $7.5 Bn on discounting by 2020.
The raised capital will be used in team expansion and also to reach out to global markets.
The startup is mentored by Infosys co-founder Nandan Nilekani, counts former Helion Venture Partners’ Kanwaljit Singh and former Infosys global sales head Basab Pradhan as angel investors.
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