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Bangalore-based retail technology firm, SnapBizz, has raised $7.2 Mn (about INR 48 Cr.) in a funding round led by Jungle Ventures, Taurus Value Creation, Konly Venture and Blume Ventures.
The company will use the raised funding to accelerate its growth and expansion.
Founded in 2013 by Prem Kumar, SnapBizz, aims to develop a mobile technology platform to connect the various stakeholders of a fragmented retail market ecosystem, while adding value to individual stakeholders.
In order to fill in the gap of this fragmented space, SnapBizz has created a disruptive solution to address the business needs of the FMCG ecosystem (brands, retailer, consumer, and distributor) in large/medium “kirana” stores. The solution benefits retailers with improved profitability by using contextual visibility and smart store management.
The solution is an android tablet-based, cloud-connected, business platform which is also cost-effective. It comprises of tablet, barcode scanner, thermal printer and an intelligent external 22” consumer facing LED display for Hi-Def. consumer engagement. Currently, it is present in traditional retail outlets in Mumbai, Pune, New Delhi, Bangalore and Hyderabad via a technology solution.
Prem Kumar, CEO at SnapBizz said, “We are thrilled that all ecosystem players have shown confidence in our solution and that our existing investors have reiterated their support to us. Large retail and online players account for only 10-15% of any brand’s business. The remaining 90% happens through traditional trade and there is zero or minimal last-mile connectivity between brands, consumers and retailers. We are on a mission to address this big gap while addressing the pain points of the kirana stores.”
SnapBizz had earlier raised $1.7 Mn.
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