It’s not clear how the company plans to use the funds raised. The company has a flagship product WiC, which helps users to search for cheapest prices, products and stores in five cities including Pune, Mumbai, Delhi, Bangalore and Kolkata.
WiC, an abbreviation of Where Is Cheapest, helps users to search for the best price for a product along with store information. WiC works on patented technology of iso-pricing, which not only uses user generated data but also gets prices verified from vendors. Prices of products submitted by WiC team from the vendors gets the reliability value of 100 percent. For the user generated data, it assigns reliability points based on trustworthiness of the submitter. Once other users validate the trustworthiness of the price submitted, reliability value keeps on increasing. If a product gathers enough following, WiC team verifies the pricing from the vendor and the product then gets a 100 percent reliability value.
As of now, it not clear how the startup monetizes, however, we assume it might collect a fee from vendors to feature their stores, or it could, more likely, be on the basis of lead generation.
Ecosystem Ventures is a seed-stage venture capital firm that primarily invest in European startups. The company has offices in the US, Zurich and Delhi. Ecosystem Ventures’ portfolio companies include social networking sites such as Facebook and Twitter, and info-graphics community Visual.ly, among others.
Similar products: Similar products would include PriceBaba, a location based price search engine that gives the best bargain price of products from offline retailers. As of October, PriceBaba functions in five regions including Mumbai, Delhi, Noida, Gurgaon, and Pune and lists over 350 offline shops.
Apart from that, there are number of price comparison websites including MySmartPrice, and CompareIndia, which offer price comparison for online retailers, as it can be automated by the use XML feeds, and doesn’t require an on-ground team. We had previously reported that JustDial, an online and telephone business listings company, is gearing up to launch an online and phone based price quote service called Quick Quotes. However, its website quickquotes.in is currently behind a password and had a info page hidden here, which has been pulled down possibly after we wrote about it.