SnapBizz, a retail-technology firm, has raised $7.2 million led by Jungle Ventures, Taurus Value creation, Konly Venture and Blume Ventures. The funds raised will be used to continue the firm’s rapid growth and spur market expansion across key cities. The company had earlier received a seed fund of $1.7 million from Qualcomm, Jungle Ventures, National Research Foundation of Singapore, Taurus Value creation and Blume Ventures
SnapBizz is already transforming thousands of traditional retail outlets in Mumbai, Pune, New Delhi, Bangalore and Hyderabad via a technology solution addressing the key business challenges faced by them. SnapBizz also connects and provides immense value to all stakeholders of the fragmented retail ecosystem of India.
The cost-effective, end-to-end solution is an Android-based, cloud-connected business platform. The solution comprises a tablet, barcode scanner, printer and an intelligent consumer-facing LED display for consumer engagement.
Prem Kumar, Founder and CEO, SnapBizz said
We are thrilled that all ecosystem players have shown confidence in our solution and that our existing investors have reiterated their support to us. Large retail and online players account for only 10-15% of any brand’s business. The remaining 90% happens through traditional trade and there is zero or minimal last mile connectivity between brands, consumers and retailers. We are on a mission to address this big gap while addressing the pain points of the kirana stores.
David Gowdey, Managing Partner, Jungle Ventures said
We are convinced with the SnapBizz business model, which brings a tailored technology solution to kirana stores and believe that it will play a large role in India’s retail growth story. Prem and team have a rich and diverse experience across multiple markets and verticals that has led to their impressive growth over a short span of time. We are confident that this momentum will continue as more kirana stores look to leverage technology to improve their business.
SnapBizz empowers retailers by delivering a competitive edge through leveraging their strengths to achieve improved profitability. SnapBizz also drives digital inclusion of a large part of the economy and provides the much needed last mile connect in keeping with the national agenda of Digital India.
Chirantan Bhabhra, Director- Brands Engagement, SnapBizz added
SnapBizz is bringing in more money to kirana stores through partnership with FMCG companies. Brands, large and small, find SnapBizz a must-be-on platform. They can now contextually engage consumers in and out of stores, track promotions efficiently, analyse their business like never before and connect directly with kirana retailers.
Prem Kumar, Founder and CEO, SnapBizz added
Kirana stores have been the face of India’s retail ecosystem for ages. The last few years witnessed the entry of large players in the form of supermarkets, hypermarkets and e-commerce posing a huge threat to kirana stores’ business. Despite stiff competition, kirana stores are still considered as the most trusted retail format in our country.
They have unique strengths like trust, convenience, flexibility and competitive pricing which make them highly relevant. SnapBizz helps kirana stores leverage these strengths to get a competitive edge. In line with the changing business environment and consumer expectations, kirana stores have realized the need to transform the business through advanced technology solutions
About SnapBizz
SnapBizz Cloudtech Pvt Ltd is a retail-technology company founded in 2013 to transform the small scale retail sector in the country. To reverse marginalization of SMB’s and drive digital inclusion in the large consumer goods industry, it has developed a technology platform to connect all stakeholders of the fragmented retail ecosystem of India, while adding value to individual stakeholders.
The end-to-end solution it offers is an android based, cloud-connected business platform that is also cost-effective. The solution comprises of tablet, barcode scanner, printer and an intelligent external large consumer facing LED display for consumer engagement. SnapBizz is backed by leading investors and strategic partners who are captains of industry and bring in an innovation funnel of cutting edge technology.