Prime Minister Narendra Modi’s Startup India initiative has picked up great steam since it took off on January this year. The unorganised retail sector in India is sighing a big relief since the red tapes of license is being removed to a great extent.
Recently, Bengaluru-based retail technology start-up SnapBizz was on the news for bagging an undisclosed round of funding from none other than Ratan Tata. SnapBizz is the business magnate’s eighth investment in start-ups in 2016 so far. Last month, the retail tech start-up announced a Series A funding of $7.2 million led by Jungle Ventures, Taurus Value creation, Konly Venture and Blume Ventures.
Ratan Tata had earlier invested in seven companies, viz., DogSpot.in, Tracxn, CashKaro, FirstCry, Teabox , Moglix, Invictus Technology. SnapBizz works with over a thousand general (kirana) stores across Mumbai, Pune, Delhi, Hyderabad, Chennai and Bangalore. With the funding bit going right, the company now has plans to expand across tier 1 and 2 cities.
In a press release, SnapBizz founder and CEO Prem Kumar stated, “A visionary of Mr Tata’s stature showing confidence in SnapBizz is certainly a big boost for our business idea and will continue to accelerate the digital revolution in India’s kirana stores. Brands are also seeing this as an opportunity to partner with us in order to be a well-wisher of the retailers.”
Kumar added, “We are privileged to have Tata as an investor at SnapBizz. As one of the most respected names in corporate India, Tata brings a rich legacy of doing business with a human touch. This reflects in his investment in SnapBizz as we have begun a humble journey of reverse marginalisation of SMB’s and driving digital inclusion in the large consumer goods industry.”
SnapBizz which was founded in 2013, is driven by a team with a proven track record in delivering measurable value to both developing and developed markets through successful business models and product innovations. The retail tech company aims to change the face of small-scale retail sector in India, besides empowering general stores by making them ‘Virtual Super Markets’.
The Snapbizz solution also enables smart store management and a digital connection to consumers, FMCG companies and distributors. This is a perfect example of how a handful of entrepreneurs turned the tide of ‘Digital India’ in their favour to change an age-old way of merchandising grocery items in the nation.