Shopflo Raises $2.6 Million In Seed Funding
The funding from Tiger Global makes a first of its kind for the investment firm for a start-up at a pre-product stage
Shopflo on Wednesday announced to have raised $2.6 million in seed funding from Tiger Global and TQ Ventures. Better Capital and a pool of other angel investors also participated in the round. This funding from Tiger Global makes a first of its kind for the investment firm for a start-up at a pre-product stage.
"Most of these D2C merchants build their websites using no-code tools which are great for smaller merchants. The next best platforms are only suitable for large enterprises with in-house tech teams. We are privileged to have Tiger Global, TQ Ventures and Better Capital join us as we plan to bring the D2C checkout experience closer to Swiggy and Amazon," said Priy Ranjan, CEO and co-founder, Shopflo.
The SaaS market has grown exponentially over the years. Indian SaaS companies are poised to reach $30 billion in revenue by 2025, capturing an 8 per cent to 9 per cent share of the global SaaS market, according to a report by Bain and Company.
"A seamless checkout experience has become a baseline expectation for consumers. However, checkout for e-commerce merchants hasn't changed much in the last decade. Shopflo will change this. Shopflo is well-positioned to be the default checkout for the fast-growing Indian D2C market," said John Curtius, partner, Tiger Global.
Shopflo's focus is to empower D2C brands to provide experience to their customers, enabling merchants to maximise long term value from visitors with their website. Shopflo offers a seamless and minimum cognitive load experience to the consumers, which helps in improving conversion rates while shopping. The founders of Shopflo have deep first-hand experience in the e-commerce, payments and SaaS space. Priy and Ishan were at Elevation Capital interacting with D2C and Fintech companies respectively, while Ankit worked on a "Shopify for Restaurants" product at communications SaaS unicorn, Gupshup.