Bangalore-based retail technology firm, SnapBizz, has raised an undisclosed amount of funding from veteran industrialist Ratan Tata, reported ET.
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.
Earlier last month, SnapBizz raised $7.2 Mn (about INR 48 Cr.) in a funding round led by Jungle Ventures, Taurus Value Creation, Konly Venture and Blume Ventures. Prior to that, it had raised $1.7 Mn.
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-Definition consumer engagement.
With the mission of transforming the unorganised fragmented retail sector in the country, currently, it is present in traditional retail outlets in Mumbai, Pune, New Delhi, Bangalore and Hyderabad and aims to expand its footprint across other tier 1 and 2 cities.
This is Tata’s eighth investment in startups so far this year – Tea Box, FirstCry, CashKaro, Tracxn, DogSpot, Invictus Oncology and Moglix. Ratan Tata, former Tata Group chairman, has invested over 20 startups so far.
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