Plans For an Additional $8 Mn Raise Soon
Launched just a month ago by Yebhi’s co-founder Danish Ahmed, ShopSity has secured an undisclosed amount of seed funding from Shopclues founder, Sandeep Aggarwal and Netprice founder, Teruhide Sato.
The app-based information provider, Shopsity was launched stating itself to be anti-ecommerce venture which is actually a hyperlocal commerce startup. Shopsity combines the convenience of online with the offline shopping by enabling the users to select the designs, latest offers and size, available in nearest stores, online.
The reason why Danish started Shopsity was to blend the convenience of online with the offline shopping. He opines that online to offline is going to be a multibillion dollar space, probably larger than ecommerce. “We’ve seen its success in Zomato and Ola, but retail is a much larger industry. Offline retail is going through a transformation that will change the way we shop. Shopsity will be at the forefront of this change, aggregating and democratising multichannel retail, building a future where 70% of shopping is influenced by intelligent, personalised, digital touchpoints”, he added.
Serial entrepreneur and angel investor Sandeep Aggarwal said, “Danish is a young entrepreneur with a decade’s leadership experience in consumer internet and fashion retail. His passion and vision for Shopsity is inspiring and very exciting. We met once and decided to invest in the opportunity. Hyperlocal retail is a budding sphere with immense potential that can resolve several gaps in customer service and we believe this team has the best chance at doing it.”
Shopsity already has thousands of stores listed from Delhi/NCR, allowing customers to see products selling at Woodland, Redtape, W, Mufti, Nike, Levis and other stores in their vicinity.
India’s apparel industry is estimated to grow at a CAGR of 9%, reaching $102 Bn by 2023. As per Google India, online fashion retail market, which is the largest contributor to the organised retailing market in India, is expected to reach $35 Bn by 2020.
Shopsity plans to raise another $8 Mn soon.
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