MySmartPrice Web Technology Pvt Ltd, a Hyderabad-based startup that operates price comparison and product discovery website MySmartPrice.com, has raised fresh funding of $10 million from existing investors Accel Partners and Helion Venture Partners.
The company will use money from the Series B round of funding to augment its hyperlocal shopping services to over 50 cities across the country, it said in a press statement.
The money will also be deployed to bring over 100,000 local retail stores online. MySmartPrice aspires to have gross merchandise value (GMV) of $1 billion in the next 24 months from $120 million presently.
"The fresh round of funds will be used to build an omni-channel platform, which will facilitate users to search, decide and buy any product from any store, whether online or offline," said Sulakshan Kumar, co-founder and chief executive of MySmartPrice.
MySmartPrice was started by Kumar and Sitakanta Ray in 2010. Before that, Ray worked at Oracle and ICICI while Kumar was employed with Oracle and Infosys.
MySmartPrice was originally started as a price comparison site for books but later morphed into a broader price comparison site for products across categories. The company has positioned itself as a shopping research platform whose price comparison service helps users find products at the best price across all top e-commerce websites.
The platform lets users compare prices of products across a wide array of categories that include mobiles, electronics, computers, fashion and lifestyle, cameras, books, appliances and personal care.
At present, the company caters to over 10 million unique users per month, and has been growing over 1,000 per cent year-on-year, it said in the statement.
Earlier this year, it added an offline price comparison service for mobile stores in Hyderabad, Bangalore and Delhi. The offline partners of the company are already doing a business worth $2-3 million every month, the company claims.
"MySmartPrice already facilitates millions of transactions for both online and offline stores. A significant investment will be put into helping solve the product research problem for consumers as well. This will address issues such as researching for consumer durables, store feedback, better product suggestions based on expert reviews, opinions, peer consumer feedback etc," said Sitakanta Ray, co-founder and COO, MySmartPrice.
MySmartPrice is also expanding its teams across product and engineering, analytics, operations and marketing.
MySmartPrice, which competes with PriceBaba, PriceDekho, Junglee and Zopper, had last raised $1 million in Series A funding two years ago from Helion Ventures and Accel Partners.