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MySmartPrice raises $10M from Accel Partners & Helion Venture

mysmartprice

Price comparison service MySmartPrice has raised $10 million in a Series B round of funding led by Accel Partners and with participation from Helion Venture Partners. Speaking to Medianama, the startup said it would use the funding for marketing, hiring and expanding the number of offline retailers on its platform.

MySmartPrice had previously raised Rs 6 crore in funding from existing investors Accel Partners and Helion ventures in December 2013. The company had said then it would use the funding to focus on its mobile strategy as well as to list products other than electronics, books and fashion categories.

Founded in 2010 by Sulakshan Kumar and Sitakanta Ray, MySmartPrice currently lists products, prices and their specifications in various categories like mobiles, computers, fashion, lifestyle, cameras, appliances, books, personal care and electronics. The company also offers an Android app with similar features.

The website, which compares prices from various ecommerce stores, recently also ventured into offline listings for mobile phones in Hyderabad, Delhi and Bangalore. As of now, it has tied up with 1400 physical stores like Sangeetha Mobiles and The Mobile Store to list their prices along with online retailers. The company mentions that it will soon expand to listing other electronics from offline stores like TVs, mixers etc.

Note that this service is available only to users in Hyderabad, Delhi, Bangalore and Chennai, with Mumbai expected to join the fold next month. As of now, the platform claims its offline partners are doing business worth $2-3 million every month.

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WhatsApp service: MySmartPrice had launched a price comparison tool on WhatsApp in September last year. The feature was based on a unofficial WhatsApp API, publicly available on GitHub. Users could add 9332222222 to their WhatsApp list and message the product name. The platform would then return a list of prices for the requested product and other similar products. However, the service was taken down a couple of days after launch for being against WhatsApp’s ToS.

Competition:

– PriceBaba extended its service to four new cities Chennai, Hyderabad, Baroda and Surat, adding to a total of 11 cities across India. The company, which claims to receive over 3.5 million users every month, also has a physical presence in Mumbai, Bangalore and Delhi.

– JustDial’s plans of launching a price discovery engine have been successful since the app, offers quotes and a “buy now” button to buy products or services online and offline. It now appears like a directory cum marketplace. The company had also said that it would launch its Search Plus app for Android and iOS by the end of this month.

– Quikr had also introduced an instant messaging service Quikr Nxt on its platform that allowed buyers and sellers to interact before the actual transaction. This essentially will allow also buyers to compare prices across stores.

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