How This Saas-Based Startup Managed To Bag $250k
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Underlining its commitment to nurture entrepreneurship across the country, Venture Catalysts has announced a seed investment of $250k into Don’t Scratch Your Head (DSYH), a SaaS-based logistics reconciliation platform for eCommerce channels. This investment was led by Gaurav Singhvi, Managing Partner, VCats Surat, and Mumbai-based Zaffiro Ventures. Investment closely follows on the heels of VCats’ physical expansion into Surat and marks its first Gujarat-centric investment.
Speaking on the announcement, Dr. Apoorv Ranjan Sharma, Co-founder, Venture Catalysts, said, “We, at Venture Catalysts, have always been on the lookout for disruptive startups that are solving global problems through localised solutions. DSYH, with its innovative SaaS-based platform, has been developing a first-of-a-kind technology to identify and address the real-time logistics reconciliation challenges of Indian eCommerce sellers. Moreover, with an energetic, enthusiastic and experienced team at the helm of its operations, the venture is well poised to create a huge market impact with its product.”
Currently focusing on the eCcommerce industry, Ahmedabad-based DSYH is a next-generation data analytics SaaS startup disrupting the reconciliation space across multiple sectors.
By allowing sellers associated with multiple marketplaces to reconcile accounts, payments, returned orders, promotional amounts through a single, consolidated window, DSYH has been addressing seller reconciliation. Since the launch of its operations, DSYH has reconciled more than 500,000 orders with GMV of $7 million through its platform, identifying between 5 per cent-7 per cent of GMV as avoidable reclaimable charges per user.
“We are delighted to be chosen for investment by Venture Catalysts, which is one of the most innovative and fastest growing seed investment platforms in India. VCats has stayed true to its name by acting as a real catalyst for our early-stage growth and has been tremendously supportive in providing mentorship, quick evaluation and nimble decision-making. These funds will allow us to upgrade our technological infrastructure and customer support team to shore up our rapid business growth,” said Suraj Vazirani, CEO, DSYH.
The six member team at DSYH has strong domain expertise in the eCommerce and online marketplace space. As one of the earliest e-sellers in India, Co-founder & CEO Suraj Vazirani has been associated with the segment since the days of eBay – when Snapdeal was still a deals-based website – and is currently the President of the All India Online Vendors Association (AIOVA). Hari Vaag, Co-founder & CTO, was a core team member at Travelguru.com, and has been the CTO with Maniacstore.com since 2012. Co-founder & COO Sumit Karanji, on the other hand, has been previously associated as a business management professional with Maruti Suzuki and Bajaj Allianz, and has also founded two start-ups in the automotive and healthcare sector respectively.
“DSYH is creating strong data analytics tools that can solve all the reconciliation woes of the Indian e-commerce seller. Since reconciliation can directly impact the profit margins of sellers on e-commerce platforms, providing such an innovative problem-solving solution will definitely add great value to the entire e-commerce ecosystem,” said Gaurav Singhvi, Managing Partner, VCats Surat.
Prior to securing investment from VCats, DSYH was being accelerated at Reliance Industries Limited’s GenNext Hub and powered by Microsoft Accelerator India. Assisting startups to rapidly scale-up, GenNext aims to encourage promising ventures by helping them harness technology to drive their ideas and fuel their evolution from "Minimum Viable Product" to a Minimum Viable "Company" on a solid foundation of talent, technology and trust.