Exclusive: Online to offline shopping app ShopsUp gets $1 mn in seed funding
Bengaluru-based HyperKonnect Technolgies Pvt Ltd, which owns shopping app ShopsUp, has raised seed funding of $1 million (Rs 6.6 crore) from two individual investors, a co-founder told TechCircle.
Founded by serial entrepreneur Suhas Gopinath, the app will officially be launched today afternoon.
The investors who participated in this round of funding include Yang Shu, former president and Southeast Asia CEO of Huawei Technologies Co. Ltd and VRL Logistics Ltd's managing director and promoter Anand Sankeshwar.
The app lets shoppers search online and shop offline from nearby areas. It also shows various deals available at neighbourhood stores and pushes notifications according to users' search patterns. ShopsUp app gives loyalty points called 'shots' to app users when they shop at partnering stores. The loyalty points can be redeemed for offers at select branded outlets.
Gopinath also owns Bengaluru-based technology solutions company Globals ITeS Pvt. Ltd.
In April this year, online to offline app Fashalot secured seed funding led by YourNest Angel Fund and angel investor Rajul Garg.
In the same month, hyperlocal fashion commerce portal Yufta raised an undisclosed amount of capital in pre-Series A round of funding from Ajay Data of Data Infosys Ltd and a group of Mumbai and Dubai-based high net-worth individuals (HNIs).
Mumbai-based Hippily Technology Pvt Ltd, operator of the Hippily shopping personalisation app for women, had raised $250,000 (about Rs 17 crore) in seed funding in April.
In March, personalised fashion app WithMe had raised $250,000 in angel funding from a group of investors comprising Alex Kuruvilla, managing director at CondeNast India; Pradeep Guha, former head of Zee Group and BCCL; Saket Dhankar, head of Lakme Fashion Week; and serial entrepreneur and investor Rajan Pandhare.
It isn't good news all the way for the sector though.
Earlier this month, online-to-offline startup Shopsity got acquired by Paytm. Shopsity followed an online-to-offline retail model and connected customers to fashion retailers in their vicinity. Its website and app are no longer operational.