Mysmartprice, the Hyderabad-based, product discovery and price comparison platform, has raised $10 Mn in Series B round of funding led by its existing investors Accel Partners and Helion Venture Partners.
With the latest round of funding, the startup plans to expand its hyperlocal shopping service to over 50 cities, enable one lakh offline retailer to reach online customers and reach a Gross merchandise value (GMV) of $1 Bn, the company said in a statement.
“The fresh round of funds will be used to build a truly omnichannel platform which will facilitate users to search, decide and buy Any Product from Any Store, whether online or offline. Our vision is also to enable millions of small retailers and entrepreneurs to improve their businesses by truly digitising them,” said Sulakshan Kumar, Co-founder & CEO, MySmartPrice in a statement.
Founded in September 2010 by Sitakanta Ray and Sulakshan Kumar, Mysmartprice is a platform that helps users compare prices online and offline to source the best deals. It forayed into the offline price comparison domain last year by tying up with 300 offline mobile stores in Hyderabad.
The company claims to grow at 1000% year-on-year basis and caters to over 4 million unique across India monthly. Presently, the startup offers a wide array of categories for the price comparison and scales $120 Mn in GMV annually.
The company has plans to become an omnichannel player by adding inventory and pricing from offline stores to its product offering and expand its teams across product and engineering, analytics, operations and marketing.
Prior to this, the startup raised $1 Mn in Series A round from Accel and about $0.37 Mn (INR2 Cr) from Helion Venture Partners.