Pune-based retail tech startup ShoppinPal has secured a staggering $1.07 million in its first-ever equity round of funding. The investment round has been led by existing investor, Plug and Play Tech Center and Steelhead Ventures.
The startup will employ the infused funds in building its team and expanding its market presence, especially in India. Currently about 80 per cent of the company’s business comes from foreign markets, but ShoppinPal CEO Sriram Subramanian believes that India is on track in becoming a successful mobile economy.
It also aims to add more retailers to its platform and develop products using the funds raised today. It will also use a part of the investment amount in brand building and marketing.
He notes that both the US-based investors are backing the company’s vision to expand its services to the budding M-commerce business in India. Commenting on the funding round, Subramanian adds that,
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.
Founded in 2015 by Subramanian and Pulkit Singhal, ShoppinPal helps retail stores and SMBs increase sales by enabling an optimized mobile storefront for quick transactions. It is basically helping offline retailers connect with global retail systems, without disrupting their operational flow.
ShoppinPal operates under the parent company — Fermyon Inc — which was setup in the United States in 2013. According to Crunchbase, the startup had earlier snagged $500,000 in seed funding from Alchemist Accelerator, Right Side Capital Management and Plug and Play.
ShoppinPal claims that it sees a lot of potential in the Indian m-commerce market and is trying to replicate their success in the U.S market here as well. It has partnered with top Indian online marketplaces and leading global point-of-sale (POS) companies such as Vend.
Commenting on the investment round, Alireza Masrour, managing partner at Plug and Play said that,
ShoppinPal’s platform connects retailers and brands to the digital world and helps them further enhance sales. We see a huge potential for them in India and are confident that with support they will replicate their overseas success in the country.