Retail-tech startup Shoopy bags $250,000 in seed funding
Noida-based retail-tech startup Shoopy has raised $250,000 seed funding from US-based Campanile Investments LLC and Delhi-based investment firm Redcliffe Capital. It is the first funding round for the startup, which launched in January last year.
The startup said that the funds would be used to accelerate the optimisation of its existing products, scaling its platform and business activities to reach more customers. The funds will also be used to introduce new products in the future.
Shoopy has been co-founded by IIT-Roorkee alumni Amit Kumar and Indar Kriplani. The startup caters to SMB space with solutions such as invoices, quotations, inventory management, and account management. The company aims to leverage digital tools such as WhatsApp, Facebook, and mobile cameras to assist SMBs.
Some of its original investors are Ajit Pai – Pai Paipal Ventures, Ambuj Chaudhary – Campanile Inverstments LLC, Dheeraj Jain - R Redcliffe Capital, Nitin Passi – Lotus Herbals, Manjoj Mehta – MTC Group and Sunil Kumar Singhvi – South Handlooms.
The startup says it has achieved a customer base of over 40,000 retailers and SMB owners across India. It added that retailers on its platform are doing business of more than ₹4 crore per month. The startup further said that it was witnessing 50% month-on-month.
“We are delighted to announce our first-ever seed funding; the capital raised through this round will be instrumental in helping us optimise and scale our existing products and business. We are also ramping up our team and planning to launch more products and functionalities for our target audience. The SMB sector in India has been mostly unorganised and deprived of technology so far, and we at Shoopy are constantly striving to change the scenario by ensuring that the best, easy-to-use and most-affordable technology solution(s) is available to each and every SMB in India.”, Amit Kumar, Co-founder, Shoopy said in a release.