Snapbizz, ecommerce enabler gets $7.2 million funding from Blume, Jungle
Bengaluru, India | Red Newswire | Jan 23, 2016 Last Updated at 9:00 AM IST.
The retail technology firm, SnapBizz has raised $7.2 million from Jungle Ventures, Blume Ventures, Konly Ventures and Taurus Value Creation.
The Bengaluru-based startup will use the funding in market expansion and growth.
Prem Kumar founded SnapBizz in 2013. The startup aims to develop a mobile platform where stakeholders can connect. It has created a disruptive solution for meeting the needs of FMCG ecosystem in “Kirana” stores. The solution is android-based and cloud-connected and consists of a tablet, barcode scanner, LED display and thermal printer.
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.”
Before this, SnapBizz had raised $1.7 million.