Simplibuy, a Pune based technology startup, has raised an undisclosed amount of funding from Silicon Valley based Ecosystem Ventures, reports NextBigWhat. 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…
Please subscribe to MediaNama. Don't share prints and PDFs.
You May Also Like
News
Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...
Advert
135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...
News
By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...
News
Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...