It has been the second month of 2016 and veteran industrialist Ratan Tata has already invested in 8 startups so far this year, the latest being a retail technology startup SnapBizz.
SnapBizz, which had announced its $7.2 million Series A round of funding last month only, said today that they have now raised an undisclosed amount of funding from Ratan Tata.
A visionary of Mr.Tata’s stature showing confidence in SnapBizzis is certainly a big boost for our business idea and will continue to accelerate the digital revolution in India’s kirana stores. Brands are also seeing this as an opportunity to partner with us in order to be a well-wisher of the retailers,
SnapBizz Founder and Chief Executive Officer Prem Kumar said in a statement.
Bengaluru-based SnapBizz helps local grocery stores to bridge the digital gap through its technology. It provides them an Android-based and cloud-connected business platform in the form of a tablet, barcode scanner, printer and a consumer-facing LED display.
This helps the local offline retailers and merchants to efficiently manage their billing, inventory and customer engagement with the help of technology.
Currently, SnapBizz is present in Mumbai, Pune, Delhi, Hyderabad, Chennai and Bangalore where it is working with over a thousand kirana stores. It aims to expand its footprint across other tier 1 and 2 cities.
The company was started in 2013. Before the recent series A round, it had received seed funding of $1.7 million from Qualcomm, Jungle Ventures, National Research Foundation of Singapore, Taurus Value Creation, and Blume Ventures.