While the investment size was not disclosed by the company, Unitus Seed Fund typically invests between $50,000 to $150,000 on each company. The company plans to use the new capital to develop its technology platform and expand its base of small shops.
Prior to this, JiffStore had received Rs 10 lakh funding (for 10% stake) for being part of TLabs’s fourth startup batch in September 2013. It was initially incubated by Kochi-based Startup Village.
Jiffstore offers m-commerce solutions to kirana stores, allowing customers to place grocery orders from these stores on Jiffstore’s iOS and Android mobile apps or their website. The company ties up with shops that have their own home delivery model and charges them a subscription-based fee for using Jiffstore’s platform. It’s services are currently available at 25 locations in Bangalore.
The startup was founded in 2013 by four software engineers—Aswin Ram, Shameel Abdulla, Satish Basavaraj and Sandeep Sreenath.
It is worth noting that this is Unitus Seed Fund’s third m-commerce investment in 2014, following investments in mGaadi (an m-commerce ordering service for auto rickshaws) earlier this month and Medypal (an online healthcare marketplace) in January this year.