Shopmatic in talks to raise $30 mn through Series B funding

Shopmatic, an international e-commerce solutions start-up that is backed by the Government of Singapore, is in talks to raise $30 million in Series B funding from new investors.

The start-up, which has raised a total of S$20 million since its inception in December 2014, concluded a Series A fund raise of S$10.1 million in April this year. It acquired 1,20,000 customers in the recently concluded April-June quarter. While 85 per cent of these customers are from India, 10 per cent are from Singapore, and 5 per cent from Hong Kong and the UAE.

“During the last three years, we managed to add just 50,000 customers. To increase adoption of our powerful e-commerce platform, we pivoted from a subscription based model — which works out to ₹1,500 per month — to a disruptive offer that we launched before the April-June quarter, where we made our e-commerce platform available for ₹50 for one year,” said Anurag Avula, co-founder and CEO, Shopmatic.