Suvidhaa Infoserve Pvt Ltd, India’s pioneer in services commerce (s-commerce), announced that it has received funding from two leading global venture capital firms, Reliance Technology Ventures and Norwest Venture Partners India.
Suvidhaa, promoted by Paresh Rajde and initially funded by Shapoor Pallonji Mistry, will use the new capital to aggressively expand its portfolio of service offerings into vertical markets throughout India and enhance business development and marketing efforts.
Suvidhaa, a multiple services provider under one roof, currently powers more than 4,000 local kirana stores across 15 states in over 100 cities with its s-commerce technology and plans to further expand to 20,000 franchisee outlets across the country by 2009.
Elaborating the investment plan, Harshal Shah, CEO, Reliance Technology Ventures, said, “Reliance has always been in the forefront of delivering the best value to the consumer. We believe Suvidhaa, through its electronic distribution platform, provides a one-stop convenience of services to the end consumer. It has an outstanding vision to empower traditional outlets with technology, and complements their existing businesses by driving in more footfalls. We will continue to invest in such technology-driven and differentiated business models that strive to deliver maximum benefit to end consumers.”
Paresh Rajde, founder MD and CEO, Suvidhaa Infoserve noted, “We look forward to working with Reliance Technology Ventures and Norwest Venture Partners to aggressively expand our pan-India footprint and empower more retailers and service providers with our scalable services platform.”