SnapBizz gets $7.2M from Jungle, others for grocery automation play
SnapBizz Cloudtech Pvt Ltd, which provides an Android-based connectivity platform to local offline grocers, has raised $7.2 million (around Rs 48.7 crore) from Jungle Ventures, Taurus Value Creation and other VC firms.
Konly Venture and Blume Ventures also participated in this round, the startup said in a statement.
SnapBizz will use the funds raised to expand across key cities in India. At pesent, SnapBizz works with mom-and-pop retail outlets in Mumbai, Pune, New Delhi, Bangalore and Hyderabad.
"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," said Prem Kumar, founder and CEO, SnapBizz.
The startup, which was founded by Prem Kumar and Yashwant Prakash in 2013, had earlier received a seed funding of $1.7 million from Qualcomm, Jungle Ventures, National Research Foundation of Singapore, Taurus Value creation and Blume Ventures.
SnapBizz's Android-based, cloud-connected solution comprises a tablet, barcode scanner, printer and an intelligent consumer-facing LED display for consumer engagement.
Mumbai-based seed-stage venture capital firm Blume Ventures had recently raised over $30 million for its second fund. It has so far funded about 75 startups such as MockBank, IDfy, GreyOrange, RailYatri, RoadRunnr, ReGlobe, Tookitaki, Purplle, Zopper and NowFloats.