Inc42 Daily Brief
Stay Ahead With Daily News & Analysis on India’s Tech & Startup Economy
Retail-tech startup ShoppinPal, has raised $1.07 Mn in its first equity round of funding. Plug and Play Tech Center and Steelhead Ventures led this round.
ShoppinPal was founded in 2011, by Sriram Subramanian and Pulkit Singhal. It is mobile commerce platform for brick & mortar retail stores. It unifies the store operations with marketplaces, social channels and more. And it also integrates with the retailer’s existing ERP systems to simplify the process of getting online for them. It has helped retailers globally drive higher revenues and operational efficiencies by connecting their Point of Sale/ERP systems with various digital platforms.
The Pune-headquartered startup will use the funds to get more retailers on board, product development and brand building.
The founding team was part of Trustgenix (acquired by HP), and brings deep expertise in enterprise software and ecommerce. After a successful US launch in 2014, ShoppinPal has acquired customers and partners across 5 continents within the past year. One of the core differentiators in the business model is that they have been successful at creating open-source products while also being able to monetise it via their customer base. It works with top e-marketplaces in India and leading global POS companies such as Vend. The full-time staff consists of 7 people, 6 in Pune and one of the co-founders in US.
Sriram Subramanian, CEO, ShoppinPal said, “This investment from Plug and Play Tech Center, Steelhead Ventures and other strategic investors is a great endorsement of the potential of the retail tech market in India. With our success in other markets like US, adequate funds and required guidance from our investor partners, we are confident of establishing ShoppinPal as a leading retail tech player in the country.”
Plug and Play Tech Center is headquartered in Silicon Valley and has a network of serial entrepreneurs and strategic investors. The company has also supported PayPal, Google and Dropbox. On the other hand, Steelhead Ventures is a micro-VC fund focused on seed-stage and Series-A investments.
Note: We at Inc42 take our ethics very seriously. More information about it can be found here.