E-commerce enabler Shopmatic raises Series AA funding of $5.7 million
Bangalore, June 15, 2017: Shopmatic, a Singapore-based e-commerce company providing a platform for merchants and individual entrepreneurs to sell online, has raised $5.7 million of Series AA funding led by ACP Pte Ltd, a technology focussed Venture Capital firm, and SPRING SEEDS Capital Pte. Ltd, the investment subsidiary of SPRING Singapore. After having successfully scaled its operations in India, Singapore and Hong Kong, Shopmatic will be using the funds to expand into other markets in Indonesia, the Philippines and the Middle East. As part of this round of funding, Mr. Sameer Narula, Managing Partner, ACP, shall be joining the Board of Directors of Shopmatic.
Anurag Avula CEO Shopmatic
Founded in December 2014, Shopmatic enables Small andMedium-sized Enterprises (SMEs) and entrepreneurs to take their businessonline. Its platform enables SMEs to build their online storeswith integrated payment and shipping functions and sell their products orservices through multiple channels. Data analytics and insights have also beenbuilt into the platform to help sellers be more effective in reaching out totheir target audience.
Shopmatic has made significant strides in the pastyear with the launch of Shopmatic Go, a mobile-centric product withmore than 130,000 downloads since November and with the acquisition ofTaiwan-based 5xRuby, a leading technology development house.
Anurag Avula, CEO of Shopmatic, said,“We have witnessed tremendous growth in merchants leveraging our platform withmonthly growth rates in excess of 40%. Our approach of simplicity with a widevalue proposition to our customers has deepened our engagement with sellers andgrown the category of online sellers. With this round of funds, we aim toexpand our service to a wider seller base across more markets in Asia and otheremerging markets. We are delighted to have ACP and SPRING SEEDSCapital as our strategical partners and as part of our growth story.”
Sameer Narula, Managing Partner of ACP,said, “We are excited about Shopmatic’s vision of enabling mass adoption ofe-commerce in emerging markets and proud to partner with them as investors. Byusing the deep data-sets generated on its platform, Shopmatic has the potentialto enable SMEs and partners better target their services and products and toaccelerate the adoption of e-commerce in these high growth markets. With thisround of funding, we believe that the company is perfectly positioned toexecute on its regional expansion strategy and help change the way business isdone in the region.”
Ted Tan, Deputy Chief Executive of SPRINGSingapore and Chairman of SPRING SEEDS Capital, said,“Going forward, e-Commerce will play an even more critical role in omni-channelmarketing strategies, to help businesses expand globally. We encourage all SMEsto embrace change and go digital. Technologies like Shopmatic’s web and mobileplatforms will help transform the way retailers engage their customers, byoffering better shopping experiences.”
Shopmatic caters to a multitude of merchants,including brick-and-mortar retailers and those selling on online marketplaces.From building a website to listing it on an e-marketplace, promoting it onsocial channels, and providing useful customer insights, Shopmatic handleseverything that merchants and individuals need to grow their business online.