Singapore headquartered SnapBizz, a retail solutions tech company, has raised Series A funding worth $7.2 million led by Jungle Ventures, Taurus Value Creation, Konly Venture and Blume Ventures, reports ET. It will use the funds for geographical expansion. SnapBizz had previously raised seed funding of $1.7 million from Qualcomm, Jungle Ventures, National Research Foundation of Singapore, Taurus Value creation and Blume Ventures.
The company, which was previously Bangalore-based, was founded by Prem Kumar and Yashwant Prakash. It provides an Android based cloud solution on a tablet to retailers, along with a barcode scanner, thermal printer and consumer facing LED screen. This is targeted at traditional retail outlets in cities like Mumbai, Pune, Delhi, Bangalore and Hyderabad. It aims to address the problems of small and medium kirana stores, specifically, while also letting brands to engage stores and consumers in real time, in the store as well as outside it.
Developments in the online and offline retail sector:
– Last month, Spencer’s Retail acquired the online grocery store Meragrocer for an undisclosed amount.
– Walmart was looking to launch its own payment feature called ‘Walmart Pay’, an app that would let customers pay for shopping at Walmart using their phones. The company would launch the app starting with Android and iOS and allow payments using any credit, debit, prepaid or Walmart gift cards.
– In June, Bangalore-based online grocery retailer BigBasket tied up with around 1,800 grocery stores to sell its private label products at their offline stores. This would include products like staples, fruits, meat, vegetables and bread under the brand names Royal, Popular and Fresho.
– In March, Paytm said it would be opening around 50,000 offline retail outlets where users could load cash into their wallets and introduced IMPS (Immediate Payment Service) on its platform, through which users could use to transfer money into bank accounts.
– In February, Mangrove Capital Partners invested an undisclosed amount in hybrid e-commerce platform for small retailers StoreKing.