Noida-based retail tech startup Shoopy has raised seed funding of $ 250,000 from US-based Campanile Investments LLC and Delhi-based funding agency Redcliffe Capital. It’s the first spherical of funding for the startup, which was launched in January of final 12 months.
The startup mentioned the funds could be used to speed up the optimization of its present merchandise, scaling its platform and enterprise actions to succeed in extra clients. The funds will even be used to introduce new merchandise sooner or later.
Shoopy has been co-founded by IIT-Roorkee alumni Amit Kumar and Indar Kriplani. The beginning-up serves the SME area with options reminiscent of invoices, quotes, stock administration and account administration. The corporate goals to leverage digital instruments like WhatsApp, Fb, and cell cameras to assist SMEs.
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A few of its authentic buyers are Ajit Pai – Pai Paipal Ventures, Ambuj Chaudhary – Campanile Inverstments LLC, Dheeraj Jain – R Redcliffe Capital, Nitin Passi – Lotus Herbals, Manjoj Mehta – MTC Group and Sunil Kumar Sighvi – South Handlooms.
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The startup says it has constructed a buyer base of greater than 40,000 retailers and SME house owners throughout India. He added that the retailers on his platform are doing enterprise for greater than ₹four crore monthly. The startup additional mentioned that it was witnessing 50% month-over-month.
“We’re delighted to announce our first seed funding; The capital raised via this spherical will probably be vital in serving to us optimize and scale our present merchandise and companies. We’re additionally growing our crew and plan to launch extra merchandise and functionalities for our audience. The SME sector in India has been disorganized and expertise disadvantaged till now, and at Shoopy we’re consistently striving to vary the panorama by guaranteeing that the perfect, user-friendly and reasonably priced expertise options can be found to each SMEs in India, ”mentioned Amit Kumar, co-founder of Shoopy in an announcement.