Delhi-based Solvy Tech Solutions Pvt Ltd, which owns and operates the product research portal Reviews42 has updated its Android app by adding a new service called 'Nearby Stores' to it. A location-based service, Nearby Stores will use the GPS/Wi-Fi system of the user's phone to detect their location, and provide desired information on retail stores in their vicinity.
Customers also have the option of calling a shop, get driving direction to it, checking the availability of a particular product, as well as compare its prices at other stores. According to the company, it has already geo-mapped nearly 75,000 offline stores across India to its database, and plans to add thousands of new stores every month going forward.
"When people are shopping in a retail store, they are at an information disadvantage vis-Ã -vis prices, features, and reviews of different brands at other stores. We intend to empower these shoppers by making all the desired information available on their mobile phones," said Neeraj Jain, co-founder, Reviews42.
The application contains information of more than 1.5 million products and 350 product categories, ranging from mobiles, tablets, laptops, baby products, kitchen and home appliances, and apparels etc. It can be downloaded on a number of platforms, including Windows, Android, BlackBerry and iOS.
Reviews42 is a product research site that provides comprehensive price comparison, product discovery and user reviews. Founded by the duo of Surjendu Kuila and Jain in 2011, it works by aggregating user reviews across a variety of categories, including computers & accessories, mobile phones, home appliances, apparels & accessories, baby products, kitchen ware and more. It also enables users to browse and search through products by brand, categories, features and pricing. Besides offering a detailed specification page along with user reviews, expert reviews, buying tips and overall ratings, it features a price comparison engine.
In April this year, the company raised an undisclosed amount in Series A from Nirvana Venture Advisors and Rahul Khanna (managing director of Canaan India who has invested in his personal capacity), as well as a few other undisclosed individual investors. Existing investor Blume Ventures also participated in this round. Although the amount was not disclosed, a source close to the development shared that it was $2-3 million.
In June 2012, it had raised an undisclosed amount in funding from Blume Ventures and VentureEast. However, VentureEast exited the company in the latest round. Other players in the product review space or the price comparison business include MouthShut.com, Naaptol.com, Compare India and PricesBolo.com, MySmartPrice.com, and Amazon-owned Junglee.com.
(Edited by Joby Puthuparampil Johnson)